The total cement sales as measured by the volume of the product decreased by 3.9% during the first quarter of 2020.
The volume of cement sales during first quarter of this year amounted to 814,979.29 tonnes as compared to 848,258.76 tonnes sold during 4th quarter of 2019.
Year on year, economic activities in the construction sub-sector as measured by the volume of cement sales declined by 12.0 percent as 925,612.99 tonnes of the product was recorded on 1st quarter of 2019.
This is contained in a recent quarterly bulletin released by the Bank of Ghana (BoG).
According to the report, the relative dip in total cement sales 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 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, including the ongoing fiscal and energy crises confronting the country. 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.