Some prospective homeowners in the Ashanti region say they are being compelled to resell their purchased lands, owing to the rising cost of building materials.
In recent weeks, cement prices have seen a sharp increase, from an average 82 cedis to a minimum of 88 cedis.
Cement manufacturers are attributing the price hike to the depreciating cedi, inflation, and import duties.
The new prices have left many prospective homeowners frustrated as they poured in their concerns on Luv FM.
Patrick, one of the frustrated callers, shared that after buying a parcel of land in 2019, he has since not developed the land.
He is worried that he may not be able to build and eventually resell the land.
“I have done virtually nothing because anytime I plan doing something, I go to the market and ask for the prices of building materials then come and plan but the next time I go because of inflation the prices have gone up,” he narrated.
Dennis, who used to be in the cement business from 2002, is now into construction after the soaring prices pushed him to exit the industry.
“It wasn’t a bad business at least you could manage it and take care of your family and other things, but as time went on things started changing,” he decried.
Trades Minister, K.T. Hammond had earlier demanded that cement manufacturers reverse the hiked cost of the building materials.
But this was heavily protested by the manufacturers citing a possible collapse of the industry.
Experts indicate that the soaring price of the building material is largely dependent on the cost of the Clinker, a major component of cement.
Cement manufacturing companies in Ghana are reported to purchase the clinker from North America and parts of Mexico, compounding the cost of cement.
“If your supplier increases the cost of clinker and your currency is depreciating as it is right now, they have no choice but to just increase the price of it,” said Daniel, a former worker of a cement manufacturing firm.
Meanwhile, some cement companies in the country are set on a project to reduce the clinker in cement and add more clay which is expected to reduce the price of cement.
This project is said to commence in 2025.
