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27.02.2007 General News

Real estate developers worried over cement shortage

By myjoyonline

Ghana Real Estate Developers (GREDA) on Tuesday expressed worry over the non-availability of cement as a core product of the building industry.

Dealers of the product have blamed the Ghana Cement Manufacturing Company (GHACEM), the major manufacturer of the product, for releasing limited quantities onto the market the company in turn has blamed the current load shedding exercise for the reduced level of production.

Production levels of cement has reduced to some 5 thousand tons a day from about 10 thousand tons leading to price hikes but the manufacturers believe the product had become expensive due to the activities of middlemen.

A bag of cement now sells between 85 to 90 thousand cedis and GREDA believe the price increase was defeating the purpose of making housing affordable to the Ghanaian.

President of GREDA, Dr. Alex Tweneboah told Joy Business report that the cause of cement shortage had gone beyond the power crisis.

Dr Tweneboah said the product had been in short supply for the past six days.

He described the situation as frustrating and warned that the prices of houses could rise if the current shortage and price hikes of cement remained the same.