NO! Cement prices have not dropped below 100 Ghana cedis

The claim

Viral claims of cement price drops have been circulated widely on social media. The viral claims were further supported by pre-emptive news publications suggesting possible price drops due to the appreciation of the Ghana cedi.

What we found

There have been public calls for reduction in the price of goods and services following the recent performance of the Ghana cedi against the US Dollar. These calls have been further promoted by news publications suggesting that prices of certain goods, especially cement, will be reduced.

For example, Awakenews, an online news portal suggested that cement prices were about to be reduced due to the recent performance of the cedi. Parts of the story read: "GHACEM, the state owned cement manufacturing company is expected to reduce its cement price from GH₵ 120 to GH₵ 82 due to the appreciation of Ghana Cedis against the major international trading currencies."

However, the CEO of the Ghana Chamber of Construction Industry in an interview on Connect FM revealed that prices are yet to reduce: "Cement prices remain unchanged for now, with the lowest price per bag at GH¢110. He noted that despite the local currency's appreciation, manufacturers and bulk distributors have yet to adjust their prices."

A researcher from Fakenews Ghana contacted four cement retailers on the Spintex Road, including the major retailers K Ofori Ltd and Paa Nii Ltd, and can confirm that the current average price of cement has not reduced to 82 or 85 GHS.

Verdict

Cement prices have not dropped below GHc 100 per bag. While there are hopes for future reductions, the current market prices remain at GHc 110 or above. We rate this claim FALSE.