Chief Executive Officer (CEO) of the Chamber of Cement Manufacturers Dr Dosin Amoah has said the fast depreciation of the cedi has forced its members to increase the prices of cement.
He said 85 per cent of raw materials used for the manufacturing of cement are imported.
Speaking to the media, Dr Amoah said, after a series of meetings with the Ministry of Trade over the past three weeks, the Chamber is left with no option but to increase the price to keep its members in the business.
” About 80-90 per cent of what goes into the production of cement is imported.
Importation goes with foreign currencies, that is other raw materials are bought with the dollar, “He noted.
In his view, the manufacturers are to be commended for not going instantly increasing the prices of cement when the cedi begin shooting up.
Meanwhile, the Executive Secretary of Real Estate Developers Association (GREDA), Professor Amegayibor said, government should find a way of cushioning local real estate developers in order not to stay out of business.
He advised government to remove taxes on building materials to enable a business to thrive to create jobs for people.
” The government can do something about those taxes that are a percentage of products because you can equally suspend taxes on certain products at the movement so that businesses can survive and sustain and be able to continue to provide jobs for people,” He mentioned.
