In a bid to address the escalating costs of cement in the country, the Ministry of Trade and Industry (MoTI) has successfully reached an agreement with the Chamber of Cement Manufacturers, Ghana (COCMAG). The accord was established during a consultative meeting held in Accra last Wednesday, involving the Ministry, COCMAG, and other key industry stakeholders.
Expressing concern over the surging retail prices of cement and its potential adverse effects on the economy, the Minister of Trade and Industry, K.T. Hammond, questioned the rationale behind the selling price of GH¢95 for a bag of cement in certain regions, particularly around the Accra/Tema municipalities.
In response to these concerns, specific measures have been agreed upon for immediate implementation. According to a statement from the MoTI, these measures include individual companies publishing recommended distribution and retail prices of their products within each distribution zone.
Furthermore, the agreement entails enforcing quality standards and weights of cement products to eliminate substandard items. The stakeholders also discussed the possibility of introducing a uniform cement pricing formula to ensure consistency in retail pricing nationwide.
The Ministry assured the public that these measures, along with any additional necessary actions, will be implemented collaboratively with COCMAG. The aim is to ensure that any adjustments in pricing are justifiable and kept within reasonable limits.
This collaborative effort seeks to bring stability and fairness to the cement market, addressing concerns about the rising costs that have raised eyebrows and impacted various sectors of the economy.