The Ghana Real Estate Developers Association (GREDA) has raised concerns over the persistent high cost of building materials, despite the recent appreciation of the Ghanaian cedi against the US dollar.
GREDA is calling on suppliers of key construction inputs—such as cement, iron rods, and other essential materials—to adjust their prices in line with current exchange rates and actual production costs.
In an interview with Adom News, the Executive Secretary of GREDA, Samuel Amegayibor, criticized the continued pricing of materials based on inflated dollar exchange rates, describing the practice as harmful to the real estate sector and the economy at large.
According to him, while the cedi has recently gained strength, many suppliers have refused to revise their prices downward, citing outdated or exaggerated exchange rate figures.
“This behaviour not only distorts the market but also makes construction projects more expensive and threatens the long-term viability of the industry,” Mr. Amegayibor said.
He called on all suppliers to act responsibly by aligning their pricing with the actual market exchange rates and the true cost of inputs.
Additionally, he urged the government and relevant regulatory bodies to step in and enforce pricing discipline, ensuring transparency throughout the supply chain.
GREDA believes that fair pricing practices are essential to making housing more affordable and sustaining the growth of Ghana’s construction and real estate sectors.
Source: Kodwo Mensah Aboroampa
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