Accra-based JoyNews is reporting that cement manufacturers in the country are gearing up to increase prices of the product from next week.
Quoting anonymous sources from within the industry, JoyNews said the wholesale price of a 50-kilogramme bag will likely increase by Ghc9 to hit ¢68.00, from the current price of ¢59.00.
This will significantly shoot up retail prices of the commodity and result in escalated property prices and rent.
If this happens this will be the second time the price of commodity increases in less than three months.
Explaining the reasons for the looming price hike, it quoted some leading manufacturers in the country as saying the action has been influenced by a sudden rise in the cost of operations, from July 2022, due to the sharp depreciation of the cedi over the past month.
“Officials at one of the manufacturing firms told Joy Business on condition of anonymity that, “when the factory price (wholesale price) of a 50 kilogramme was about ¢59.00, that was based on an exchange rate of around ¢7.60 pesewas in June this year”” JoyNews reported.
Some of the manufacturers reportedly conclude that it has been very difficult to absorb all the rising costs of operations, and there is the need to share some of the burdens with consumers.