The Ghana Statistical Service (GSS) has released the Prime Building Costs Index (PBCI) for April 2024 which shows a 19% increase in the overall cost of building between April 2023 and April 2024. The costs went up 0.2% between March and April 2024.

The PBCI measures the changes in the prices of building materials for the construction industry. This includes the cost of labour, cement, roofing materials, sand, steel, stone and timber and computes an overall index which is published monthly. Overall cost of building has increased by 82% since January 2021.

Ghana’s industry has been facing stagnant growth in recent years and has dropped from 36% of GDP to 32% of GDP in the last 10 years. The sharp spike in building materials has contributed to this decline as construction activity has tapered off.