Reasons for recent price hikes in cement given

Alan John Kyerematen
Mr. Alan John Kyerematen

The depreciation of the local currency against the United States dollar has contributed to the high cost of production of cement, Mr Alan Kyerematen, Minister for Trade and Industry has said.

He also attributed the recent hikes in the production of cement on the local market to the increase in the prices of petroleum products.

Mr Keyerematen, who was speaking on Tuesday in the floor of Parliament said, the cost of clinker, an imported product, which was the main raw material for the manufacturing of cement, had experienced significant upward adjustment in recent past.

“As a result, Mr Speaker, these factors account for the increases in the prices of cement in the local market,” he said.

Mr Kyerematen said this in response to a question posed by Mr Yusif Sulemana, Member of Parliament for Bole Bamboi, on what had accounted for the high cement prices lately.

Mr Kyerematen further said the cost of freight globally has also seen a very significant increase.

“In addition, Mr Speaker, as this august House may be aware, the cost of freight globally has also seen a very significant increase. This has largely been occasioned by the disruption in the global supply chain initially caused by the COVID-19 pandemic, and subsequently by the Russia-Ukraine conflict,” he said.

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