In a bid to tackle the escalating cost of cement in Ghana, the Ministry of Trade and Industry (MoTI) and the Chamber of Cement Manufacturers, Ghana (COCMAG) have announced a series of measures aimed at stabilizing prices.
The decision follows a consultative meeting convened by Minister K.T Hammond, expressing concern about the economic repercussions of soaring cement prices, particularly at the retail level.
Minister Hammond raised questions about the startling ¢95.00 price tag on a bag of cement in certain regions, including the Accra/Tema Municipalities.
The minister stressed the need for the industry to be vigilant about the broader impact of price hikes and urged closer monitoring and control over ex-factory price margins set by distributors and retailers across the country.
In response to the prevailing challenges, stakeholders outlined specific measures for immediate implementation.
Firstly, individual companies are mandated to publish recommended distribution and retail prices for various grades of products in their respective zones.
This transparency initiative aims to empower consumers with information and foster fair pricing practices.
Furthermore, companies are tasked with enforcing stringent quality standards and weights of cement products in the market.
This measure is intended to crackdown on the production and distribution of substandard cement, ensuring consumers receive products of the highest quality.
Collaboration among stakeholders will also extend to exploring the feasibility of introducing a uniform cement pricing formula.
This formula aims to bring consistency to retail pricing across the country, accounting for key cost variables. The goal is to establish a fair and unified pricing structure that benefits both consumers and industry players.
The Ministry of Trade and Industry assured the public that these measures, along with any other necessary steps, will be implemented collaboratively with COCMAG.
The joint effort aims to ensure that price adjustments are justifiable and kept within reasonable limits.
The commitment to addressing the economic impact of rising cement prices underscores the importance of industry collaboration in navigating challenges and fostering a stable economic environment.