• Parliament has called for a probe in price hikes
• They say the hikes have affected the construction industry
• The Speaker has referred the matter to the Finance Committee
Parliament of Ghana has ordered a probe into the hikes in prices of building materials such as cement, iron rods, among others.
According to the House, the prices have negatively impacted the construction industry.
Kwaku Kwarteng, the Chairman of Parliament’s Finance Committee, stated on the floor of the House on Tuesday, July 6 that, the recent increase in building materials have put a strain on the economy.
“I want to formally draw Parliament’s attention to some unusual price development in our market in respect of building materials; namely iron rods, cement, sand, aggregate and other construction materials. In recent times, there has been an unusual price hike of these items in the market which has understandably provoked complaints from industry operators and consumers in my constituency Obuasi West and the entire construction works in the country,” he said.
Kwarteng added, “these price developments have triggered further hikes in building-related services such as excavation, drilling, tilling etc. Indeed I have had complaints, Mr Speaker that, even water supply to construction sites and construction labour have all become unusually more expensive.”
The First Deputy Speaker, Joseph Osei Owusu, then ordered for a probe by the Finance Committee and to report back to the House in four weeks for a decision to be taken on the issue at stake.
He said, “I direct a committee on finance assisted by the leadership of committee of Works and Housing and Committee of trade and industry to investigate the escalation of the prices of building materials and related materials and report to the House within four weeks.”
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