A bag of cement to sell at Gh¢55 from next week

According to a news report by Myjoyonline.com, a bag of cement will however sell at ¢60 outside Accra.

The report suggested that the expected increment in the price of cement can be linked to a number of factors including; the cedi depreciation, hike in transport fares, and the Russian-Ukraine war, which has affected the movement of logistics and transporting some of the raw material from abroad for local production.

If the price of cement goes up like it’s been speculated, the development may impact house prices in the short term. And the Ghanaian will suffer the eventual consequences.

Manufacturers have in recent times pushed for government to take a second look at the taxes on the inputs and charges at ports.

They were hoping that could have helped the situation, especially last year.

But this didn’t get the needed attention from government.

These manufacturers hoped that waving some of these charges at the ports could have slowed the hikes that we have seen in recent times.

Meanwhile, the price of petrol has hit another record high as oil and gas costs soar amid fears of a global economic shock from Russia’s invasion of Ukraine.

Oil jumped to $139 a barrel at one point, the highest level for almost 14 years, while wholesale gas prices for next-day delivery more than doubled.

It came as the US hinted at a ban on buying Russian energy, as it looked to other countries to increase supplies.

However, European leaders rejected that idea on Monday.

In a related development, the World Bank has also predicted harsh times for Ghana’s economy.

The W/B opined that the rising exchange rate amidst inflation and increasing cost of living coupled with a rise in prices of petroleum products while put massive stress on Ghanaians.

Many Ghanaians have complained about the effect of the situation on their standard of living already.

Credit: Pulse Ghana