The market prices of iron rods and cement have notably surged in the first quarter of the year, contrasting with other building materials such as roofing sheets and paints.

A survey conducted by the Ghana News Agency (GNA) revealed a consistent uptick in cement prices among traders, even amidst stable or slightly decreasing fuel prices.

Mr. Selasi Pomenaya, a building materials trader, highlighted that all three grades of cement from Ghana Cement (GHACEM) have witnessed price hikes. For instance, Super Cool, previously priced at GH¢82, now stands at GH¢88; Super Rapid, formerly GH¢87, now retails at GH¢95; and Super Strong, previously GH¢95, is now GH¢105.

However, Mr. Pomenaya noted a decrease in roofing sheet prices since December 2023, with stability observed since then. Similarly, paint brands have shown no price fluctuations this year.

For instance, a packet of rough aluminum sheet now sells at GH¢2,300, down from GH¢2,500, while smooth aluminum sheets are priced at GH¢2,100, up from GH¢1,900.Shield paint in 20-liter and 10-liter containers sells at GH¢650 and GH¢350 respectively, while Leyland paint in 10-liter containers retails at GH¢220.

Mr. Pomenaya expressed uncertainty regarding the causes of price changes, stating that fluctuations occur even when dealing directly with producers.“I don’t know what is causing the changes in prices, when we go to the producers and prices have increased or decreased, we buy and also increase or decrease the prices,” he said.

Despite sluggish business, Mr. Pomenaya emphasized the need to remain active rather than staying idle at home.

Additionally, the GNA discovered a surge in the price of iron rods, which were previously sold at GH¢6,500 per tonne but now exceed GH¢7,000. Iron rod traders highlighted the high volatility of prices, making it challenging to determine specific selling prices.

Meanwhile, the Ghana cedi has continued to depreciate against major currencies like the US Dollar. For instance, in January 2024, GH¢1 equated to $11.91, whereas by April 2024, the same amount was approximately $14.42.

The Ghana Statistical Service reported fluctuations in the country's inflation rate, which rose from 23.5% in January 2024 to 25.8% in March 2024, amidst a brief dip to 23.2% in February 2024.

These factors, including inflation and currency depreciation, have fueled the rising prices of goods and services in the country. Additionally, unstable fuel prices have led to increased transportation fares, contributing to a higher cost of living.