GHACEM cuts prices on appreciation of cedi

GHACEM, the leading cement producer in Ghana, has reduced the price of cement following the recent appreciation of the cedi against major international currencies.

The ex-factory price of its 50kg cement bag has been reduced from GHS30.55 to GHS27.965, effective Tuesday, 7 October.

The Ghanian cedi experienced a free fall against the major trading currencies, depreciating about 30 per cent to the US dollar in the first half of 2014. The situation has impacted on imported goods across many sectors of the economy, with many of the affected sectors passing on the rising cost of operations to consumers.

Since the steady rise of the cedi against the US dollar and the other trading currencies, there has been mounting pressure on traders to reduce the prices of their goods to correspond with the developments.

GHACEM in an advert in the dailies on Tuesday also released  a list of recommended retail prices of their product across the country.