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Mahama Hails Economic Reforms as Cement Prices Fall Sharply in Ghana

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President John Dramani Mahama has hailed Ghana’s ongoing economic reforms and industrial investments after announcing a sharp reduction in cement prices across the country, bringing significant relief to the construction and housing sector.

According to the President, cement prices have fallen by about 20 percent following a combination of macroeconomic stabilisation policies, fiscal discipline, and sustained engagement with industry stakeholders.

Speaking during the commissioning of a new $110 million calcined clay cement manufacturing plant in Tema, President Mahama described the development as evidence that sound economic management and private sector collaboration are yielding positive results.

“Through a mix of macroeconomic stabilisation, fiscal discipline and constructive engagement with industry stakeholders, we have started to see positive results in the cement space,” President Mahama said.

He added that the price reduction is already benefiting builders, contractors, and households across the country who rely heavily on cement for construction activities.

Relief for Construction and Housing Sector

President Mahama explained that cement prices had surged in 2024, reaching approximately GH¢120 per bag for 42.5 grade cement and GH¢113 per bag for 32.5 grade cement.

However, he said government policy reforms helped reverse the upward price trend.

“By July 2025, cement prices had fallen by about 20 percent, providing relief to builders, contractors and the housing construction industry,” he stated.

The President further noted that construction inflation has also shown signs of stabilisation, declining to 3.9 percent year-on-year in January 2026, reflecting broader economic recovery.

“These developments demonstrate the impact of prudent economic management and a strengthening domestic currency,” he said.

Industrial Investment Driving Local Production

President Mahama linked the price reduction partly to new investments in Ghana’s cement manufacturing industry, including the newly commissioned calcined clay cement plant in Tema.

He said the facility will help increase domestic cement supply while reducing Ghana’s dependence on imported clinker, which has historically increased production costs.

“This investment demonstrates that when the policy environment is transparent, stable and supportive of enterprise, the private sector will respond by mobilising capital and undertaking projects of global significance,” he said.

The President explained that the new plant will reduce clinker imports by more than 10 percent, helping retain hundreds of millions of cedis within the domestic economy.

“This means lower production costs, reduced import dependency and more value retained within the Ghanaian economy,” he added.

Sustainable Manufacturing and Climate Action

The new plant utilises limestone calcined clay cement technology, which significantly reduces carbon emissions compared to traditional cement production methods.

President Mahama emphasised the importance of adopting environmentally friendly industrial practices to support global climate goals.

“Traditional clay-based cement production accounts for about 8 percent of global carbon dioxide emissions. By introducing this technology, we are advancing both industrial growth and environmental responsibility,” he said.

He added that Ghana remains committed to balancing industrial development with climate action in line with international environmental agreements.

Part of Broader Industrialisation Agenda

President Mahama said the project forms part of government’s broader industrialisation and infrastructure development agenda under the Big Push programme, which is investing over GH¢60 billion in national development projects.

He expressed optimism that continued dialogue between government and industry stakeholders will help sustain price stability in the long term.

“Dialogue between government and industry remains essential for ensuring stability and sustainable growth in this all-important sector,” he said.

Economic Outlook

Analysts have welcomed the development, noting that stable construction material prices could support housing development, infrastructure expansion, and job creation across the country.

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NPP Communicator KOKA Hospitalised Days After EOCO Arrest

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New Patriotic Party (NPP) communicator Kwaku Osei Korankye Asiedu, popularly known as KOKA, has reportedly been admitted to the Adabraka Polyclinic after being arrested and detained by the Economic and Organised Crime Office (EOCO) a few days ago.

According to information available, KOKA was taken to the health facility after developing health complications following his arrest and detention.

Details regarding his medical condition have not been made public, and it is unclear how long he is expected to remain under medical care.

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Dennis Edward Aboagye Shares John Agyekum Kufuor’s Endorsement, Declares: “We Will Command the Narrative”

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Dennis Edward Aboagye has shared what he describes as a significant endorsement from former President John Agyekum Kufuor, saying he and his team received a “sacred blessing” from the respected statesman.

In a social media post, Aboagye revealed that the former President expressed confidence in his ability to deliver on his responsibilities, citing his communication skills, intelligence and understanding of governance.

According to Aboagye, former President Kufuor told him:

> “The little I know about you, your articulation, your intelligence and your understanding of the systems and structures, I am convinced you can do the work. And once we have identified someone who can do it, all we have to do is to back you, so you can deliver.”

The statement, which Aboagye attributed to the former President, reflects Kufuor’s confidence in his capabilities and his willingness to offer support once the right person has been identified for the task.

Reacting to the endorsement, Aboagye wrote that he and his team had received their “sacred blessing” from the revered former Head of State before concluding his message with a bold declaration:

“WE WILL COMMAND THE NARRATIVE.”

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Concerned Group of Ghana Warns Nigeria Over Alleged Xenophobic Attacks on Jonah Capital, Cautions Against Threat to Ghana-Nigeria Relations

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The Concerned Group of Ghana (CGG) has strongly condemned what it describes as a sustained campaign of xenophobic attacks against Ghanaian-owned Jonah Capital and its flagship investment, River Park Estate, in Abuja, Nigeria, warning that the actions of Nigerian authorities could undermine regional integration and strain the longstanding relationship between Ghana and Nigeria.

Addressing a press conference in Accra, the Convener of the group, Mr. James Clarke, said the treatment being meted out to Jonah Capital amounts to targeted hostility against a legitimate Ghanaian investment operating in Nigeria.

The group’s reaction follows events that unfolded on July 10, 2026, when the National Association of Ghanaian Communities in Nigeria (NAGHACON) held a press conference at River Park Estate in Abuja.

According to NAGHACON, staff, management and assets of Jonah Capital came under what it described as coordinated attacks by Nigerian state actors following the purported revocation of the company’s Development Lease Agreement and the forceful takeover of portions of its land under the authority of the Minister of the Federal Capital Territory (FCT), Mr. Nyesom Wike.

 

Mr. Clarke said such actions represent clear intimidation of a Ghanaian-owned business and should be condemned by all advocates of justice, investment protection and regional cooperation.

Group Accuses Nigerian Police of Ignoring Own Investigation

The Concerned Group of Ghana also accused the Inspector-General of Police (IGP) of Nigeria, Mr. Kayode Egbetokun, of disregarding the findings of the Police’s own Special Investigation Panel in the long-running dispute involving Jonah Capital.

According to Mr. Clarke, despite the Special Investigation Panel’s conclusions, the Office of the Inspector-General proceeded to prosecute officials of Jonah Capital on allegations of forgery and related offences in Charge No. CR/402/25.

However, he said an independent review conducted by the Attorney-General of the Federal Republic of Nigeria completely overturned the basis of those prosecutions.

The group disclosed that it possesses certified copies of a letter dated December 30, 2025 (Reference: DPPA/REQ/224/25) from the Attorney-General’s office, which made several key findings.

Among them were:

  • No prima facie case of forgery or any related criminal offence had been established against Sir Samuel Esson Jonah, Mr. Kojo Ansah Mensah, Mr. Victor Quainoo, and Mr. Abu Arome.
  • The report of the Nigeria Police Special Investigation Panel dated March 28, 2025, was valid, comprehensive and unbiased, and was therefore affirmed.
  • The Attorney-General found that the findings of the Police IGP Monitoring Unit were highly misleading because they failed to satisfy the legal burden of proof required for criminal prosecution and improperly attempted to criminalise what was essentially a commercial dispute involving ownership, shareholding and contractual obligations.
  • The Attorney-General further ruled that the Nigeria Police acted beyond its legal mandate when it publicly declared certain private individuals as the rightful owners and managers of River Park Estate without any judicial determination, stressing that the police have no authority to determine land ownership or contractual rights.
  • The Attorney-General also directed the Nigeria Police Force to investigate allegations of destruction of property, criminal intimidation and assaults against staff, agents, customers and residents of River Park Estate while ensuring peace and security within the estate.

Criminal Charges Dismissed

Mr. Clarke noted that following the Attorney-General’s legal opinion, the criminal case against Jonah Capital’s officials was terminated.

He said on January 20, 2026, the High Court of the Federal Capital Territory struck out the charges in Suit No. FCT/JD/HC/CR/402/2025, adding that the Concerned Group also possesses certified records confirming the court’s decision.

Questions Fresh Government Action

The group questioned why, despite the Attorney-General’s findings and the dismissal of the criminal case, Jonah Capital continues to face actions from another arm of the Nigerian government.

Mr. Clarke said it was difficult to understand why the FCT Administration had chosen to move against the company while issues relating to the Development Lease Agreement remain the subject of ongoing international arbitration.

According to him, although the FCT Minister claims the agreement has expired, Jonah Capital disputes that position and has challenged it before an international arbitral tribunal.

He argued that rather than allowing the legal process to determine the matter, authorities allegedly entered the company’s property with armed personnel, damaged company assets, including parts of the Gallery Clubhouse, and endangered the lives of workers.

“Let us be clear: whether or not the agreement has expired is precisely the question now pending before arbitrators. No party that is confident of its case needs bulldozers and armed men to make its argument,” Mr. Clarke stated.

Raises Concerns Over Previous Actions

The Concerned Group further alleged that Jonah Capital has previously been subjected to other actions by Nigerian institutions.

Mr. Clarke referred to what he described as the unilateral alteration of the company’s shareholding records at Nigeria’s Corporate Affairs Commission under Registrar-General Mr. Hussaini Magaji.

According to him, Nigeria’s National Assembly later intervened and ordered the restoration of the original directors and shareholders.

He also cited the detention of one of the company’s executives by the Economic and Financial Crimes Commission (EFCC) over the same forgery allegations that were later dismissed by the Attorney-General as lacking legal foundation.

Warns Against Undermining AfCFTA

The Concerned Group argued that the treatment of Jonah Capital undermines the objectives of the African Continental Free Trade Area (AfCFTA) and contradicts efforts aimed at strengthening regional economic integration across Africa.

The group described the actions as anti-investment, anti-regional cooperation and inconsistent with the spirit of free trade and cross-border investment promotion.

Petition to Nigerian High Commission

Mr. Clarke disclosed that the Concerned Group has already petitioned the Nigerian High Commissioner to Ghana over the matter.

The group urged Nigerian authorities to immediately halt what it described as persistent harassment and xenophobic attacks against the Ghanaian company.

It warned that continued actions against Ghanaian businesses operating in Nigeria could provoke retaliatory sentiments against Nigerian businesses operating peacefully in Ghana, including UBA, Zenith Bank and Access Bank, all of which, according to the group, conduct successful business activities in Ghana without harassment.

Ghana’s Response in 2020 Cited

To illustrate what it described as Ghana’s commitment to good neighbourliness, the group recalled the June 2020 demolition of a building on the premises of the Nigerian High Commission in Accra by a private developer.

Mr. Clarke noted that Ghanaians widely condemned the incident, the individual responsible was arrested and prosecuted, and the Government of Ghana undertook the reconstruction of the demolished structure.

He said that response demonstrated Ghana’s respect for diplomatic relations and foreign investments.

“It is therefore painful that the only prominent Ghanaian company in Abuja has suffered such consistent attacks—even in matters pending before courts and arbitrators—while we stand by seemingly unconcerned,” Mr. Clarke lamented.

The Concerned Group of Ghana called on the Nigerian government to respect the rule of law, protect legitimate foreign investments and ensure that the ongoing dispute involving Jonah Capital is resolved through lawful judicial and arbitral processes rather than force.

Source:senaradioonline.com

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