The Cement Manufacturers have blamed the latest price hikes on the high cost of engaging in business activities in the country.
Major cement manufacturers in the country have announced a 5% increment on cement which takes effect from today. The manufacturers warn the prices could increase further if the situation remains the same.
Speaking to Starr FM, Executive Director of the Cement Manufacturers Association, George Amoah stated that the upward adjustment is due to the depreciation of the Cedi among other economic conditions
''The rise in prices is caused by the depreciation of the cedi against the major currency, high electricity tariffs, ports taxes and dues. When you go to the port, aside the high cost of taxes there has been a tax called fumigation task whereby cement manufacturers importing various raw materials into the country are subjected to fumigation fee of half a dollar per ton which is equivalent to about 3 million dollars a year''.Â
READ ALSO:Â GHACEM increases the price of a cement bag
In a related development, cement dealers in the Upper West Region blamed the rising cost of the cement and other building materials on the increasing fuel prices and weak foreign exchange fundamentals.
The cement dealers indicated that the current economic conditions have affected businesses badly and called for austerity measures to protect struggling local businesses.
They said little or no sales at all were sometimes recorded in several days. The dealers called on the government to intervene and reduce the prices of fuel and cut down on taxes.
The dealers again noted that they used to make more sales at the beginning of the year, but the exchange rate between the cedi and the dollar had worsened affecting daily sales and fuel prices.
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