Cement sales in Ghana, a proxy for construction activity, fell 10.3% to 1.48mn metric tons in the first seven months of 2026 from a year earlier, the Bank of Ghana said in its September monetary policy report. Building cost inflation rose to 4.6% in August from 4.0% in July, statistics agency Ghana Statistical Service (GSS) said on September 29.
Analysis: Cement sales fell 4.9% in July from a year earlier, less than the 10.3% decline over the first seven months. That suggests demand may be contracting more slowly, though it remains below last year's level. Construction equipment costs rose 17.9%, materials 5.8%, while labor costs fell 2.9%. Contractors, especially those with fixed-price projects, may face pressure from higher machinery costs while sales volumes weaken. Ghana Statistical Service is expected to publish September construction-cost figures in the last week of October, providing a more recent indication of input prices.
Source: Bank of Ghana, Bank of Ghana, Monetary Policy Report, September 2026 (footer: MPC Report - October 2026), Jan-Jul 2026 and July 2026; Ghana Statistical Service, GSS, Prime Building Cost Index (PBCI) Bulletin, August 2026 (dated September 29, 2026), August 2026 and July 2026; Ghana Statistical Service, GSS, Producer Price Index (PPI) Monthly Newsletter, September 2026 (dated 21-10-2026), September 2026