Cement price set to drop from Gh¢120 to Gh¢82 as cedi surges – Social media explodes with jubilation:
GHACEM, the state-owned cement manufacturing company, is reportedly poised to slash its cement prices from GH₵120 to GH₵82, a move driven by the recent significant appreciation of the Ghanaian cedi against major international trading currencies.
While an official announcement from GHACEM is still pending, news of the impending price reduction has sent waves of excitement across Ghanaian social media, with users celebrating the prospect of cheaper building materials.
The anticipated price drop marks a significant shift from conditions experienced under previous administrations. In 2016, under the Mahama administration, a bag of cement reportedly sold for just GH¢30, with the cedi trading at GH¢4.20 per dollar at the time the NDC left power.
However, by the end of 2024, under the leadership of President Akufo-Addo and Bawumia, the price of cement had reportedly soared to GH¢120, and the dollar reached GH¢17.
The rumored price reduction of 31.67%, from GH₵120 to GH₵82, comes just four and a half months after President Mahama’s return to office. During this period, the cedi has also strengthened, moving from GH₵17 to GH₵12.44 against the dollar as of today.
