High freight and increasing prices of raw materials are reasons for the recent high cost of building materials in the country, particularly iron rods and cement, Chief Executive of B5 Plus, largest steel manufacturer in Ghana, Makwesh Takwani, has said.

There has been a recent rise in some building products which is making construction expensive for industry players, he told Joy Business at the launch of the 5th Ghana CEOs Summit.

He pointed out that even though the situation is a cause for worry, producers cannot be blamed.

“We had about a triple rise in the cost of freight and the price of the raw materials. Example is scrub in Ghana has also been a problem, so all these are adding to the cost of the products”.

“The industry is expanding and we need more of government support, so that we can be able to increase the supply for the West African market” he noted.

Mr. Takwani hopes that some of the concerns will be addressed by the government during this year’s CEO’s summit, which is slated for next week.

He said the private sector has the potential to revive the economy if all the necessary support is given.

The conference for decision makers, CEOs, heads of institutions, business leaders and entrepreneurs as well as investors and ambassadors, seeks to unlock Ghana’s economic potential by offering concrete, innovative and actionable solutions.

It also seeks to champion private-sector led growth, lead discussions around innovative public policies and best growth-oriented business practices to help the country build resilient companies and outstanding CEOs.

The theme for the 5th edition of the CEO summit is “Digital Transformation: Powering, Business and Government Reset for a Post-Pandemic Economic Resilience. A Public-Private Sector Dialogue”.