The District Chief Executive for Kasena-Nankana West District Stephen A-eke Akurugo has applauded what he said is the prudent management of the Ghanaian economy by the Mahama administration, which he claimed has resulted in reduction in the cost of essential commodities including building materials.
Speaking in an interview on Breakfast Today last Wednesday, Stephen Akurugo said building materials such as cement, which previously cost about GH¢120 per bag in his area is now selling for GH¢82.
He linked this significant reduction in the price of a major building material to the local currency’s strong showing in the forex market, which he and members of the governing party attribute to sound economic policies being implemented by the Mahama administration.
“Fuel price is down. I think a gallon is now going for 50 Ghana cedis. It used to go for even 100 or something. Cement prices have started dropping. From GH¢120, GH¢150, it has gone to eighty-two Ghana cedis.”
“My brother is selling cement at Sirigu market. He told me. And if you get there, you will see on his board, he has written eighty-two Ghana cedis,” he added.
The cedi had been on a free fall on the forex market in the last 3 years until recently when it started gaining strength against major world’s currencies, appreciating 24.1 percent against the US dollar, according to data released by the Bank of Ghana on May 22.
These gains have led to decrease in the prices of petroleum products, with public calls for general reduction of cost of goods and services gaining momentum.
Transport unions have responded to the growing calls, announcing a 15 percent reduction in fares even though some transport operators have failed to comply while others have offered a 10 percent reduction instead.
There were also reports last week that prices of cement have been cut down from GH¢120 to around GH¢80 but cement traders have disputed these reports as false.
