Cedi Jumps But Builders Still Paying Sky High Prices

Ghana's real estate group wants building material prices to fall because the cedi became stronger against the dollar. The Ghana Real Estate Developers Association asked suppliers to cut costs for cement and iron rods. Dr. James Orleans-Lindsay leads the association and spoke about high construction expenses. He said traders should help Ghana's economy recover through lower prices. Building companies still pay the same amounts for materials despite currency gains.

Real estate developers promise to share savings with customers when material costs drop. Orleans-Lindsay explained that developers lose money because cement prices stay high. The housing industry faces major problems from expensive construction supplies over recent years. A weak cedi caused most price increases before the currency recovered. Material suppliers have not reduced their rates even though imports cost less.

Orleans-Lindsay wants the government to keep the cedi stable against other currencies. Steady exchange rates help real estate companies plan future projects and investments. Ghana needs more houses and the construction sector plays a key role. Lower building costs would help more people buy homes. The association believes patriotic suppliers should support economic recovery efforts.