Even though the economy is beginning to recover, cement sales have yet to see an increase. Recent data from the Bank of Ghana shows that the demand for cement remains far below expectations.

In January 2022, cement sales in the country were about 300,000 metric tonnes. By May 2024, this number had fallen to roughly 235,000 metric tonnes, as reported by the Bank of Ghana.

This significant decline over the past two years raises serious questions about the contributing factors, particularly in light of ongoing discussions about rising product costs.

The specific reasons for this drop are still not fully understood.

Investigations by Citi Business News at various retail outlets reveal that sales have noticeably decreased in recent months, with traders expressing their concerns about the situation.

Some industry analysts attribute this decline to a reduction in construction activities, which has been worsened by delays in government projects linked to the state’s debt restructuring efforts.

The government is actively seeking to control cement prices. The Minister of Trade has stated his commitment to withdrawing the Legislative Instrument currently before Parliament, despite opposition from certain industry groups.

Additionally, industry stakeholders point to the depreciation of the cedi as a major factor behind the price increases, adding more complexity to the situation.