Market

Price of iron rods go up by over 30% in 24 hours – Report

The price of iron rods on the market starting from 1/4 (6mm) to 32mm (40ft) high tensile has jumped by 34% in less than 24 hours, MyNewsGh.com has filed.

This is the second time MyNewsGh.com is covering the price of iron rods after our January 2021 report on same. At the time, 12mm standard High tensile rod per ton which cost GH¢3,950 had increased averagely to GH¢5,400 on the market.

Checks then revealed a price per unit and a ton of iron rods has gone up across.

Lamenting about the recent hike in iron rod prices as of March 12, 2022, Building Engineer Abdulai Mahama said on 11th March, the material which cost GH¢6,200 per ton has in 24 hours jumped to GH¢8,500.

“Mr. President, please who is regulating the construction industry? We can’t leave {sic} in a country like this? How can reinforcement bars (high tensile) jump from GH¢6,200 per ton on 11th March to GH¢8,500 per ton on 12th March? 37% increment in 24 hours?? This is insane. Leadership must wake in Ghana” He wrote in a social media post.

In January 2021, MyNewsGh.com filed a report on the jump in price at the time.

Our checks from several sources then confirmed the increments to our reporters in Accra, Kumasi and Tamale who went round in a bid to confirm the increment.

Some patrons interviewed complained that prices of almost all building materials in Ghana have shot up at the time; wood, nails, tiles, stones and sand have all gone very disturbingly high over the period.

At the time, the price of Iron rods on the market shot up by an average of 40% depending on the vendor you were dealing with.

Source: www.mynewsgh.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. In addition to his media ventures, Solomon serves as a Brand Ambassador for Alabuga, a prominent Russian industrial company, representing their interests and expansion across Africa. 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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