Ghana: Trade Minister stops cement price hikes

The Minister for Trade and Industry, K. T. Hammond, has taken a decisive action to address the recent surge in cement prices by directing the Cement Manufacturing Development Committee (CMDC) to intervene immediately.

This directive follows his earlier instruction to the CMDC during its inauguration on March 8, 2024.

Mr Hammond emphasised the need for cement manufacturers in Ghana to reverse the recent price hikes promptly.

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Additionally, he urged the CMDC to ensure transparency by mandating the publication of retail prices by all cement companies.

According to the Minister, the measure aims to curb arbitrary increases in cement prices, which have burdened consumers.

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Furthermore, the Trade Minister reiterated his call for the adoption of a unified cement pricing mechanism across the nation.

He proposed a model akin to the Unified Petroleum Pricing Fund (UPPF), which regulates fuel retail prices in Ghana. Such a system would promote price consistency and fairness in the cement market.

The CMDC, established under the Ghana Standards Authority (Manufacture of Cement) Regulations, 2023 (L| 2480), plays a pivotal role in regulating the cement industry.

Chaired by Prof. Alex Dodoo, Director-General of the Ghana Standards Authority, the committee comprises representatives from various stakeholders, including cement manufacturers, the Association of Ghana Industries, and governmental bodies.

Its mandate extends to promoting the manufacture, wholesale, and retail of cement and its components.

With a diverse membership encompassing industry experts and regulatory agencies, the CMDC is well-positioned to address challenges and ensure compliance within the sector.

 

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