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    Private sector critical to renewable energy target- sector ministry

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    Cedi Depreciation: Government urged to enforce laws on pricing in dollars

    Assistant Director, Fintech and Innovation, BoG, Clarence Blay

    E-cedi will not affect MoMo business – Bank of Ghana

    Bank of Ghana to widen its scope on cryptocurrency

    Importers, Exporters Association calls for sympathy for Labianca following corruption claims

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    Private sector critical to renewable energy target- sector ministry

    Cedi Depreciation: Government urged to enforce laws on pricing in dollars

    Gov’t must invest more resources into agriculture sector – Agribusiness Chamber

    Assistant Director, Fintech and Innovation, BoG, Clarence Blay

    E-cedi will not affect MoMo business – Bank of Ghana

    Farmers worried about possible unfair distribution of MoFA machines

    Bank of Ghana to widen its scope on cryptocurrency

    Importers, Exporters Association calls for sympathy for Labianca following corruption claims

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    BoG Deputy Governor chairs advisory board of UG’s College of Humanities

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    Cedi Depreciation: Government urged to enforce laws on pricing in dollars

    Assistant Director, Fintech and Innovation, BoG, Clarence Blay

    E-cedi will not affect MoMo business – Bank of Ghana

    Bank of Ghana to widen its scope on cryptocurrency

    Importers, Exporters Association calls for sympathy for Labianca following corruption claims

    BoG Deputy Governor chairs advisory board of UG’s College of Humanities

    GEXIM CEO is one of Ghana’s 100 most influential business leaders

    Zenith Bank Ghana wins premium quality West African banking brand of the year 2021

    GIPC and GSE sign MoU to attract more investment into Ghana

    Appolonia City unveils its first commercial building; Adumuah Place

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    We’re ready to re-engage gov’t on acquisition of Vodafone shares – Telecel

    New deadline for SIM re-registration too short – MoMo agents association

    Extend SIM card re-registration exercise to January 2023 – MoMo agents

    Vodafone agrees sell stake in Ghana’s business to Telecel

    Telecoms Chamber and IIPGH advocate sustained coding education

    IIPGH to enter coding education partnership with Telecoms Chamber

    PayAngel joins Microsoft for Startups Founders Hub

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    African countries that could follow Sri Lanka into economic chaos

    Africa’s internet economy to cross $180 billion by 2025: Report

    Regional economic cooperation needed to enhance Africa’s competitiveness – Bawumia

    Ivory Coast is set to receive $26.1 billion worth of development finance from 4 lenders, the EU and France

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High cost of building materials will adversely affect rent – Construction Chamber

byBobbie Osei
July 9, 2021
in Government, News, Real Estate, Top Stories
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The Ghana Chamber of Construction Industry is warning that Ghanaians are likely to struggle to rent and acquire houses in the near future, if nothing is done to halt the unusual rise in the price of building materials.

This follows calls made by former Deputy Finance Minister, Kwaku Kwarteng to Parliament, for the house to interrogate and find solutions to the unusual hikes.

Speaking to Citi Business News on the issue, the CEO of the Chamber of Construction Industry, Emmanuel Cherry said that is what they’ve been calling for, and urged government to take a keen interest in the issue as it will eventually impact its budget.

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“Honestly speaking we have taken a key interest in the issue, that’s the reason we took the pains to petition parliament. So we welcome the call by the former Deputy Minister of Finance. The time to correct the development is now. There is no better time than now to take steps to save this country. Because a time is coming if we are not careful you cannot rent or buy a house because of this challenge.”

“A time is coming, if government is not careful, building cost is going to be so alarming that a kilometre of road is going to be expensive. Even as we speak, automatically, all contractors who have abandoned site if they are moving back, their contracts might have to be reviewed upwards, which will impact government’s budget. So let’s all come together to resolve the problem before it gets out of hand,” he added.

Parliament must probe ‘unusual’ high cost of building materials – Kwaku Kwarteng

A former Deputy Finance Minister, Kwaku Kwarteng has charged Parliament to look into the reasons behind the recent hikes in the prices of building materials such as sand, stones, cement, iron rods and the likes.

Some building contractors in the past few months have been lamenting the continuous toll the price hikes on building materials, have been having on their businesses.

Speaking on the floor of Parliament on Wednesday, July 7, 2021, Mr. Kwarteng noted that if the situation is not checked, prices of other building-related services will also rise.

“These price developments have triggered further hikes in building-related services, such as excavations, drilling, tiling etc. Indeed, I have heard complaints that even water supply to construction sites and construction labour have all become unusually more expensive. It is hard to figure out the source of these unusual price increases. We know that Parliament has not passed any law that could have added any tax or levy to the prices of these items.”

“Mr. Speaker, it is a strange development that must be frontally addressed. We need to check this for the sake of the construction industry, and more importantly, we need to get to the bottom of this disturbing development to ensure that it does not spread to other commodities and other industries on the market. It is, therefore, my respective view that Parliament needs to take steps, under our standing orders and the law, to assist the country deal with this matter,” he added.

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