Parliament has ordered a probe into recent hikes in the price of cement, iron roads and other building materials which the House says is negatively impacting the country’s construction industry.

Chairman of Parliament’s Finance Committee, Kweku Kwarteng in a statement on the floor said the recent increments have been unusual and is putting a strain on the economy.

“I want to formally draw Parliament's attention to some unusual price development in our market in respect of building materials; namely iron rods, cement, sand, aggregate and other materials for construction. In recent times there has been an unusual price hike of these items in the market which has understandably provoked complaints from industry operators and consumers in my constituency Obuasi West and in the entire construction works in the country," he said.

They added that "these price development have triggered further hikes in building-related services such as excavation, drilling, tilling etc. indeed I have had complains Mr Speaker that even water supply to construction sites and construction labour have all become unusually more expensive.”  

Majority and Minority MPs agreed the situation is worrying, causing First Deputy Speaker Joe Osei Owusu to order a probe by the Finance Committee which is expected to report back to the plenary in 4 weeks for a decision by the house on the issue.

“I direct a committee on finance assisted by the leadership of committee of Works and Housing and Committee of trade and industry to investigate the escalation of the prices of building materials and related materials and report to the House within four weeks," the First Deputy Speaker, Joseph Osei Owusu said.