Hon. Elizabeth Ofosu-Adjare, the Minister for Trade, Agribusiness and Industry, has successfully negotiated a critical price freeze with the nation’s primary steel manufacturers, providing a much-needed buffer for the construction and industrial sectors.
During a decisive meeting with steel producers at the Ministry’s Conference Room in Accra, the Minister emphasized that the current stability of the Cedi and specific government fiscal interventions have created the necessary environment for price predictability.
As Ghana pushes forward with its massive infrastructure agenda under the “Big Push,” and the 24-Hour Economy framework, Ofosu-Adjare noted that keeping the cost of essential building materials like iron rods and steel plates stable is a non-negotiable priority for national development.
“Our steel manufacturers are significant contributors to national development and economic growth. We have listened carefully to the operational challenges they have raised, and the government is committed to taking the necessary steps to address them”
Hon. Elizabeth Ofosu-Adjare, Minister for Trade, Agribusiness and Industry
By maintaining an open dialogue with the industrial giants that form the backbone of Ghana’s manufacturing base, the Ministry of Trade, Agribusiness and Industry (MoTAI) is ensuring that external shocks do not immediately translate into higher costs for the average Ghanaian builder.
Speaking on behalf of the steel producers, the Chairman of B5 Plus Ltd, Mr. Mike Thakwani, delivered the essential assurance that prices would remain unchanged for the foreseeable future. Despite the global volatility in raw material costs, Mr. Thakwani indicated that the industry is prioritizing market availability and national stability over immediate margin expansion.
He credited the Minister’s consistent support and the government’s responsiveness to industry bottlenecks as the primary reasons the sector can absorb current operational pressures without passing them on to consumers.
According to MoTAI, Mr. Thakwani reiterated that the industry remains a loyal partner in the government’s industrialization drive.
Addressing the Bottlenecks
While the price freeze is a victory for consumers, the Hon. Ofosu-Adjare acknowledged that the steel sector is grappling with a number of operational hurdles. These include energy costs, scrap metal availability, and the need for upgraded logistics infrastructure.
The Minister clarified that the government is not merely asking for price sacrifices but is actively working on a support package to lower the cost of production for these manufacturers.
She noted that by treating the steel industry as a strategic national asset, MoTAI aims to transition Ghana from a net importer of specialized steel to a regional exporter under the AfCFTA. The Minister signaled that the upcoming industrial reforms will focus on providing targeted tax reliefs and improving the reliability of power for heavy industrial zones.
“We are moving beyond mere discussions to action, ensuring that the necessary policy interventions are implemented to address these concerns and ensure the sustained development of Ghana’s steel sector.
“Our goal is to build an economy that is resilient and predictable. We will continue to protect this partnership and ensure that the manufacturing environment remains conducive for investment and expansion. Together, we are building the structural foundation of a new, industrialized Ghana”
Hon. Elizabeth Ofosu-Adjare, Minister for Trade, Agribusiness and Industry
The meeting marked a significant milestone in the 2026 economic calendar. With steel being a foundational input for every major infrastructure project – from the Petroleum Hub to rural school expansions – the price freeze acts as an anti-inflationary anchor.
Industry analysts suggest that this agreement will save the state millions in projected infrastructure costs and prevent a domino effect of price hikes in the real estate market.
As Hon. Ofosu-Adjare closed the session, she thanked the manufacturers for their patriotism and urged them to maintain their high standards of production as the nation enters a peak construction phase.
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