Cement price surge above ¢80 as cedi depreciation bites manufacturers

As manufacturers’ input costs rise, the cost of a 50-kilogram bag of cement soars above 80.
The most recent price adjustment was nearly two months ago, so this represents a 10% increase.
Joy Business found that the cost of cement ranges from 77 to 85 yen for a 50 kilogram bag at some retail dealers.
In a similar vein, it varies from dealer to dealer, including Dangote, Diamond, and GHACEM.Dzata cement, on the other hand, is less expensive. An increase in the cost of cement indicates an increase in the cost of construction, particularly building.
Real estate prices and rents will go up all over the country as a result of this;but depends on where the building is.
Why is it going up?
Due to the depreciation of the cedi against the US dollar, rising input costs have made the increase possible.
Because some of the materials used to make the cement are bought overseas, it costs more to run the business.
Based on an exchange rate of approximately 7.60 yen in June 2022, the factory price (wholesale price) of a 50 kilogram bag of cement was approximately 59.00 yen.
Joy Business was also informed by some of the manufacturers that it has been extremely challenging to absorb all of the rising operational costs, necessitating that customers bear some of the financial burden.
Additionally, they asserted that the raw materials at the ports were subject to excessive taxes or levies.
Manufacturers blame cedi depreciation for cement’s price rise to 73 per bag on August 30. The price of a 50 kilogram bag of cement rose to 73 per bag.
The manufacturers attributed the increase to the cedi’s continuous fall since then.