Trade Minister Meets With Cement Producers to Address Pricing Concerns

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An agreement has been made between the Ministry of Trade and Industry (MoTI) and the Chamber of Cement Manufacturers, Ghana (COCMAG) to organize regular consultative sessions with industry stakeholders. 

These meetings will center on advancements in cement manufacturing, bagging, and distribution. This cooperative effort aims to preemptively solve important industry concerns, especially before individual companies announce adjustments to their ex-factory prices.

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Leading this crucial dialogue was Minister K.T. Hammond, who voiced grave concerns about the rising retail cement price and its detrimental effects on the economy. 

The minister highlighted his dismay over the retail pricing discrepancy, referencing instances where a bag of cement was being sold at ¢95.00, particularly in regions around the Accra/Tema Municipalities. 

His call to the industry was to sensitively consider the far-reaching impacts of price upsurge and to exercise close oversight of the prescribed ex-factory price margins for distributors and retailers across the nation.

According to the official statement, the collaborative deliberations resulted in the agreement on urgent, concrete measures aimed at stabilizing prices and enhancing industry transparency. Among these agreed-upon measures, individual companies are mandated to publish recommended distribution and retail prices for various product grades within their specific distribution zones. Furthermore, companies are required to rigorously enforce quality standards and weights of cement products in the market, cracking down on the circulation of substandard cement products.

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Additionally, stakeholders are committed to collaborating on contemplating the viability of a standardized cement pricing formula, ensuring uniformity and consistency in retail pricing nationwide. This formula seeks to integrate essential cost variables, aiming to create a harmonized pricing structure across the country.

The official statement concluded with an assurance to the public, emphasizing that any necessary measures will be implemented in synchronization with COCMAG to ensure that price adjustments are both justifiable and within acceptable limits. This collaboration between MoTI and COCMAG signifies a pivotal step towards fostering transparent, regulated practices within the cement industry and underpins a concerted effort to address consumer concerns while maintaining industry stability.

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