Cedi Depreciation Is Hitting Us Hard – Cement Manufacturers Lament
The Executive Secretary for the Chamber of Cement Manufactures, Rev. Dawson Amoah has disclosed that manufacturers are not comfortable when the current situation of the cedi depreciation and the economic conundrum.
He mentioned the price of the dollar has jumped to 9cedis and cement prices are now GHC 68 due to the cost of components.
According to Rev. Amoah, the clinker raw materials for the manufacturing of the cement in Ghana are imported from outside the country with dollars before manufacturing takes place in Cedis and there are very high costs of production, taxes, and high fixed cost.
He stressed that cement manufacturers and businessmen are not overwhelmed because the situation has compiled, unfortunately.
The executive secretary emphasized that his outfit is cooperating with the Ghana Port and Harbour Authorities concerning their situation but the harbour’s operations are also dollarized since it is an international port and they are facing some difficulty.
He reaffirmed that all those problems going on in the country will be solved when the cedi gain more strength.
Source: Opemsuo.com/ Barbara M.A Amoah
