Cedi appreciation: We are still buying cement at the same high prices — GREDA bemoans

The Ghana Real Estate Developers Association (GREDA) has raised concerns over the persistently high cost of building materials, despite the recent and sustained appreciation of the Ghanaian cedi.

The association is calling on suppliers and manufacturers to adjust their prices in line with the strengthening currency.

Dr. James Orleans-Lindsay, President of GREDA, emphasized that the improved performance of the cedi in recent weeks should reflect in the pricing of key construction materials such as cement, iron rods, and other inputs. He noted that the failure to adjust prices is continuing to impose unnecessary financial strain on developers and aspiring homeowners.

Speaking on Nsem Titri on Onua TV, Dr. Orleans-Lindsay stressed the need for economic patriotism, saying, "Traders, suppliers and manufacturers should be patriotic and help the government with its economic resetting agenda."

He assured the public that real estate developers remain committed to passing on the benefits of the stronger currency to consumers, even though developers themselves are absorbing losses due to stagnant material costs. “We are saying we will continue to price-in the cedi equivalent, but prices of our components should be reduced. The developer is losing because we are still buying cement at the same high prices,” he said.

Ghana’s real estate industry, a key sector in efforts to reduce the country’s housing deficit, has struggled with high construction costs in recent years—primarily driven by the depreciation of the cedi. The recent currency rebound was expected to bring some relief, but GREDA says that is yet to happen in practice.

In addition to the call for fair pricing, Dr. Orleans-Lindsay also urged government to maintain the current exchange rate stability. He stressed that a consistent cedi would allow businesses, particularly in the real estate sector, to make long-term financial plans and investments with more confidence.