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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

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