The total cement sales as measured by the volume of the product increased by 8.9 percent during the second quarter of 2020.
The total volume of cement sales during the second quarter of this year amounted 887,734.28 tonnes as compared to 814,979.29 tonnes sold during first quarter of 2020. This is contained in a recent quarterly bulletin released by the Bank of Ghana (BoG).
The increase in the of the total volume of cement sales was evident at a time Ghana was severely grappling with the effect of the novel Coronavirus pandemic. Industrial analysts asserts that the increase is a sign of a gradually recovery of the sector.
Despite the marginal increase, the year on year economic activities in the construction sub-sector as measured by the volume of the sale of the product however declined by 5.3 percent during the second quarter of 2020 as a total of 937,374.64 tonnes was recorded in the second quarter of 2019.
According to the report, the relative dip in volume of cement sales year on year was due to a slowdown in construction activities during the review period.
The slowdown of economic activities early this year could largely be attributed to anticipation of the arrival of the novel Coronavirus Disease (COVID-19).
The pandemic, which some countries across the globe are experiencing a second wave of infections, severely has impacted global business activities whereas recovery in the business space remains dim as re- infections of the disease rages on.
Multiple factors are changing the dynamics in Ghana. Cement prices have been adversely impacted by the rather sharp fluctuations of the Ghanaian cedi in comparison to the US dollar.
Though limestone reserves exist in Ghana, volumes are limited; hence the cement industry continues to rely largely on clinker imports. Furthermore, investments in capacity have capped compared to the previous three years, although two new cement manufacturers are preparing to enter the market.