If nothing is done to stop the unprecedented increase in the price of construction materials, Ghanaians would struggle to rent and buy homes in the near future, according to the Ghana Chamber of Construction Industry.
This comes after former Deputy Finance Minister Kwaku Kwarteng urged Parliament to investigate and find answers to the unexpected increases.
Emmanuel Cherry, the CEO of the Chamber of Construction Industry, told Citi Business News that this is exactly what they’ve been asking for, and encouraged the government to pay attention to the problem since it would ultimately affect its budget.
“Honestly speaking we have taken a key interest in the issue, that’s the reason we took the pains to petition parliament. So we welcome the call by the former Deputy Minister of Finance. The time to correct the development is now. There is no better time than now to take steps to save this country. Because a time is coming if we are not careful you cannot rent or buy a house because of this challenge.”
“A time is coming, if government is not careful, building cost is going to be so alarming that a kilometre of road is going to be expensive. Even as we speak, automatically, all contractors who have abandoned site if they are moving back, their contracts might have to be reviewed upwards, which will impact government’s budget. So let’s all come together to resolve the problem before it gets out of hand,” he added.
The ‘unusual’ high cost of construction materials must be investigated by Parliament, according to Kwaku Kwarteng.
Kwaku Kwarteng, a former Deputy Finance Minister, has asked Parliament to investigate the causes behind recent price increases in construction supplies like as sand, stones, cement, iron rods, and other such items.
Some construction contractors have been bemoaning the ongoing toll that price increases on building supplies have had on their companies in recent months.
The ‘unusual’ high cost of construction materials must be investigated by Parliament, according to Kwaku Kwarteng.
Kwaku Kwarteng, a former Deputy Finance Minister, has asked Parliament to investigate the causes behind recent price increases in construction supplies like as sand, stones, cement, iron rods, and other such items.
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Some construction contractors have been bemoaning the ongoing toll that price increases on building supplies have had on their companies in recent months.
Mr. Kwarteng said on the floor of Parliament on Wednesday, July 7, 2021, that if the issue is not addressed, rates for other construction-related services would also increase.
“These price increases have prompted further price increases in construction-related activities such as excavations, drilling, tiling, and so on. Indeed, I’ve heard reports that everything from building site water to construction labor has gotten excessively costly. It’s difficult to pinpoint what’s behind these extraordinary pricing rises. We are aware that no legislation has been enacted in Parliament that might have added a tax or charge to the pricing of these goods.”
“Mr. Speaker, this is a peculiar situation that has to be handled right now. We need to keep an eye on this for the sake of the construction sector, but more significantly, we need to figure out what’s causing this alarming trend so that it doesn’t extend to other commodities and industries. As a result, in my opinion, Parliament should take measures, according with our standing rules and the legislation, to help the nation in dealing with this issue,” he added.
Source: CITIBUSINESSNEWS
