Amid a severe shortage on the market in Guyana, a Colombian exporter of local rice was able to source cement from his native country for Guyana, but over 1900 slings which are expected today have already been sold. Meanwhile, a release from the Government Information Agency (GINA) yesterday said that Cabinet has been informed by the Minister of Commerce, Manzoor Nadir that nearly 5000t of cement will arrive in the country within a week and that the cement would be retailed at a price not exceeding G$1300 per sack. In total, GINA said that 20,000t of cement would be imported.

"Consumers should soon be paying lower prices for cement with the large shipment expected shortly that would see the retail price being significantly reduced from the G$2000 per sack that obtains at present", GINA said.

It was also noted that sourcing cement from abroad is difficult and the business had tried unsuccessfully to secure cement from Venezuela. However, cement manufacturers there said that owing to the high demand for the product, they would have to contact the business later. In addition, the Venezuelan cement manufacturers look more favourably on those businesses/companies with whom a relationship has been established, local Stabroek News was told.

Fidelity Investment Limited (FII) at its bond in High Street was retailing Venezuelan cement on Wednesday for G$2000 per sack. This cement importing company increased its prices over a week ago by G$400 from G$1600, after its president announced that "Guyanese should get accustomed to cement at G$2000 per sack."

Home builders and block makers have told Stabroek News that they cannot afford to buy cement at $2,000 per sack. As a result of the constant increase in cement prices, government has signalled its intention to source cement from extra-regional and regional sources. Demand for cement has been high as there are major construction projects underway.