Trade Minister attributes decline in cement prices to exchange rate stability

Minister for Trade, Agribusiness and Industry, Elizabeth Ofosu-Adjare, has credited the recent stability in the exchange rate for the reduction in cement prices, offering relief to Ghana’s construction sector.

Speaking after a meeting with cement manufacturers on Monday, the Minister said prices have fallen significantly since the National Democratic Congress (NDC) government took office.

She noted that at the end of 2024, a bag of 42.5R cement retailed at around GH¢118, while 32.5R cement sold for about GH¢113. Current prices, she said, stand at approximately GH¢107 for 42.5R and between GH¢80 and GH¢85 for 32.5R.

“One of the factors is that the exchange rate has come down. We have a very stable macroeconomic situation in this country, and so the price of cement has been very stable,” Ms Ofosu-Adjare told journalists.

She added that ongoing discussions with manufacturers, combined with lower import costs due to the stronger cedi, have enabled the price reductions. The Minister also acknowledged challenges such as demurrage and electricity tariffs but commended manufacturers for absorbing some costs to keep prices reasonable.

Cement producers, she said, have committed to maintaining affordable rates.

“They have indicated to me that, as much as possible, they will try to keep the prices at affordable rates so that we can all enjoy the space,” the Minister stated. “After all, they produce for us, and as much as they want to make a profit, they want to make sure that consumers also enjoy the stability we have. We don’t have any reports of an increase in the prices of cement.”

Ms Ofosu-Adjare assured the public that the government, in collaboration with the Ghana Standards Authority, will continue to monitor the industry to ensure fair pricing and product quality.

“If there is anything at all — apart from the dollar — that affects their price, they will let us know so that we can all discuss and agree on a price that is fair to everybody,” she said.

Chief Executive Officer of the Chamber of Cement Manufacturers, Bishop Dr George Dawson-Amoah, echoed the Minister’s remarks and reaffirmed the industry’s commitment to fair competition and high standards.

“We are not against competition, but rather we are against unfair trade practices,” he said, emphasising the need for a level playing field and full compliance with existing regulations.

Dr Dawson-Amoah also highlighted ongoing self-regulatory efforts among manufacturers to uphold cement quality, urging members to ensure their products meet required standards.

The engagement underscores the government’s collaboration with the private sector to sustain recent macroeconomic gains and deliver tangible benefits to consumers.