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3 essential items whose price increases have shocked Ghanaians in recent times

Oil, rice and cement prices have increase in the last few days

This weekend, Ghanaians were shocked by the increasing rate of the prices of some essential items due to the cedi’s depreciation.

The cedi has depreciated against the dollar by more than 50% in the last few months to currently sell at GH¢15.65 as of October 24, 2022.

The rate of inflation currently has become an issue of great concern as consumers cry over the depreciation of their purchasing power.

Oil

The price of the product shot up to GH¢1,000 from an earlier price of GH¢550 earlier this year. Some retailers have even pegged their prices at GH¢1,200. Ghanaians have been agitated over the price increment as some believe traders are taking advantage of the situation to shortchange customers.

Cement

The price of a 50kg bag of cement is now above GH¢80.00, as the manufacturers’ input costs rise due to the depreciation of the Ghana cedi.

Some retailers of GHACEM, Diamond, and Dangote cement vary the price of a bag of the product from GH¢77.00 to GH¢85.00 but the price of Dzata cement is a little cheaper.

The increase in the price of cement will go a long way to affect construction.

A Joy News report sighted by GhanaWeb attributed the current increase in price to the depreciation of the Ghana cedi against the US dollar.

“Some of the materials used in producing the cement are imported, hence the increasing cost of operations.

“When the factory price (wholesale price) of a 50 kilogram of a bag of cement was about ¢59.00, it was based on an exchange rate of about ¢7.60 in June 2022,” the report stated.

Rice

The 5kg bag of rice currently costs GH¢112 from an earlier cost of GH¢50 at the beginning of the year.

Averagely, the price of the commodity has risen by more than 50% in the last 3months.


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Source: www.ghanaweb.com

Ogyem Solomon

Solomon Ogyem – Media Entrepreneur | Journalist | Brand Ambassador Solomon Ogyem is a dynamic Ghanaian journalist and media entrepreneur currently based in South Africa. With a solid foundation in journalism, Solomon is a graduate of the OTEC School of Journalism and Communication Studies in Ghana and Oxbridge Academy in South Africa. He began his career as a reporter at OTEC 102.9 MHz in Kumasi, where he honed his skills in news reporting, community storytelling, and radio broadcasting. His passion for storytelling and dedication to the media industry led him to establish Press MltiMedia Company in South Africa—a growing platform committed to authentic African narratives and multimedia journalism. Solomon is the founder and owner of Thepressradio.com, a news portal focused on delivering credible, timely, and engaging stories across Ghana and Africa. He also owns Press Global Tickets, a service-driven venture in the travel and logistics space, providing reliable ticketing services. He previously owned two notable websites—Ghanaweb.mobi and ShowbizAfrica.net—both of which contributed to entertainment and socio-political discussions within Ghana’s digital space. With a diverse background in media, digital journalism, and business, Solomon Ogyem is dedicated to telling impactful African stories, empowering youth through media, and building cross-continental media partnerships.

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