The Ghana Real Estate Developers Association (GREDA) has expressed concern over the persistent high cost of building materials, particularly cement, despite recent gains made by the Ghanaian cedi against major foreign currencies.

Speaking at a press briefing in Accra on Monday, GREDA President, Patrick Ebo Bonful, noted that while the local currency has appreciated significantly in recent weeks, prices of key construction inputs remain unchanged — a development he described as “deeply troubling” for the real estate sector.

“The cedi is doing better, but we are still buying cement and other materials at the same high prices,” Bonful lamented. “There seems to be a disconnect between macroeconomic indicators and market realities, and it is hurting the construction industry.”

According to GREDA, the cost of a 50kg bag of cement continues to hover around GHS 110 to GHS 120, despite a strengthened cedi which should, in theory, reduce the cost of imports and raw materials.

The association is calling on government and regulatory agencies to investigate potential price manipulation or unjustified markups in the construction supply chain. GREDA also urged manufacturers to pass on the benefits of currency gains to consumers, particularly as housing deficits and infrastructure demands continue to rise.

“We cannot talk about affordable housing when the prices of materials remain artificially high,” Bonful added.

Industry experts have echoed GREDA’s concerns, warning that the current pricing trend could stall ongoing housing projects and deter new investments in the sector.

The Ministry of Trade and Industry has yet to respond to GREDA’s concerns, though officials say broader efforts are underway to ensure market prices reflect prevailing economic conditions.