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    Assistant Director, Fintech and Innovation, BoG, Clarence Blay

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

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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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    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

    Node 8, HTU hold first edition of Node X in Ho

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

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

byBobbie Osei
July 8, 2021
in Local Economy, News, Real Estate, Top Stories
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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.

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“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.

Estate developers lament exponential increase in prices of building material

Building contractors in the country have complained about the hikes in the prices of building materials.

As the demand for houses increases, the COVID-19 induced restrictions have had a negative toll on the construction industry.

This has been widely attributed to the exponential increase in construction materials, which are mostly imported.

Some of the major construction items which prices have been affected include iron rods and cement.

It is worthy to note that a ton of iron rods which used to cost GHS4,000 only a few months ago has shot up to a little over GHS5,000.

Checks by Citi Business News have also revealed that a bag of cement has increased by GHS3 from GHS38 and now selling at GHS41.

Samuel Amegayibor, Executive Secretary of Ghana Real Estate Developers Association (GREDA) believes these price hikes have contributed to the dip their businesses are currently facing.

Even though Citi Business News could not receive comments from cement manufacturers on why this is so, Mr. Amegayibor explained what could have influenced the marginal increase in prices.

“I called the cement manufacturers, and they admitted that there has been a price hike, and it’s because of certain challenges they are facing in importing the major material which is called clinker. They are telling us that some of the sources of the clinker have either closed down, and generally, the international market price has gone up and also the cost of freight has also gone, and shipping lines have attributed it to the cost of crude oil, which has also spiked.”

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