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17.01.2005 Business & Finance

GHACEM cement to go up by 12 percent

By GNA
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Tema, Jan. 17, GNA -- Ghana Cement Company (GHACEM) will, increase its factory cement price from 42,665 cedis a bag to 47,678.54 cedis representing 12 percent increase with effect from next Wednesday, January 19.

This is as a result of the increase in the world market price of clinker, which forms 83 percent of raw material component of cement, Mr Bjarne Schmidt, out-going Managing Director of GHACEM told the Ghana News Agency on Monday at Tema.

The last increase in GHACEM cement price was in February last year. The other raw materials, gypsum and limestone are also imported but the latter is about to be produced locally with the commissioning of the quarry in the country last year.

Mr Schmidt said sometimes GHACEM has to take a tough decision to ensure the sustenance of the company if prices increases, saying any reduction in the world price of cement would definitely reflect in the local price.

The out-going Managing Director said the government has been informed of its proposed increase in price while cement distributors were initially not happy with the turn of events. The two cement factories at Tema and Takoradi have capacity of 1.8 million tonnes per annum.

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