Declining prices in Cement, Rice, and Iron Rods - Bawumia highlights economic progress

Reymond Awusei Johnson 08:11 - 23 December 2023

Vice President, Dr. Mahamudu Bawumia

In a recent address, at a National Thanksgiving service held at the NPP Headquarters in Accra, Dr. Bawumia expressed optimism about the economic trajectory. He touted positive economic indicators, emphasizing a noteworthy decline in the prices of essential commodities such as cement, rice, and iron rods. 

The reported downward trend in these key sectors signifies encouraging developments within the nation's economic landscape and holds promising implications for both consumers and the broader economy.

Recognizing the formidable challenges presented by the global landscape in the aftermath of the COVID-19 pandemic, Dr. Bawumia emphasized Ghana's resilience amid the economic and social disruptions caused by the health crisis.

He underscored the imperative of united efforts to alleviate the burdens carried into 2023, expressing gratitude to God for the progress made.

“We are already aware that the post-Covid-19 era remains a difficult era in the history of the world and many countries across the globe are still recovering from the economic and social shock the pandemic created, Ghana has been no exception. As a party in power at such a difficult period in our global history, we can only thank God almighty for how far he has brought us.

“We have to work extra hard to lessen the burden that crossed 2023 with us. We started the year with an inflation rate of 56. 3 percent in January. As we speak the rate for November is 26.4 per cent. A significant drop and when you look at inflation, it has come down."

Notably, he mentioned that cement, fuel, cooking oil, iron rods, rice, and maize prices have experienced a downward trend. This shift, according to him, represents a noteworthy departure from the typical pattern of price increases.

“But what is remarkable is that prices of items that we normally buy are falling, cement prices are falling, fuel prices have fallen, cooking oil prices are falling, iron rod prices, rice prices are falling, maize prices are falling and this is telling us that something is happening because normally we see increases but we are seeing a decline in pricing.”

In acknowledging the ongoing difficulties faced by the nation, he expressed gratitude for the nation's ability to navigate these challenges, attributing the progress to divine intervention.