March 2022: Ton of iron rods jumps from GHC6,200 to Ghc8,500 in 24 hours

This is the second time MyNewsGh.com is covering the price of iron rods after our January 2021 report on same. At the time, 12mm standard High tensile rod per ton which cost Ghc3,950 had increased to averagely Ghc5,400 on the market.

Checks then revealed a price per unit and for a ton of iron rod has gone up across.

Lamenting about the recent hike in iron rod prices as at 12th March 2022, Building Engineer Abdulai Mahama said on 11th March, the material which cost GHC6,200 per ton has in 24 hours jumped to GHC8,500.

“Mr. President, please who is regulating the construction industry? We can’t leave {sic} in a country like this? How can reinforcement bars (high tensile) jump from ghc 6,200 per ton on 11th March to ghc 8,500 per ton on 12th March? 37% increment in 24 hours?? This is insane. Leadership must wake in Ghana” He wrote in a social media post.

In January 2021, MyNewsGh.com filed a report on the jump in price at the time.

Our checks from several sources then confirmed the increments to our reporters in Accra, Kumasi and Tamale who went round in a bid to confirm the increment.

Some patrons interviewed complained that prices of almost all building materials in Ghana have shot up at the time; wood, nails, tiles, stones and sand have all gone very disturbingly high over the period.

At the time, the price of Iron rods on the market shot up by an average of 40% depending on the vendor you were dealing with.