Business / Agribusiness Economy

A bag of Cement Sold at ¢95? – K.T. Hammond meets manufacturers over price escalation

A bag of Cement Sold at ¢95? – K.T. Hammond meets manufacturers over price escalation

The Ministry of Trade and Industry (MoTI) and the Chamber of Cement Manufacturers, Ghana (COCMAG), have agreed to hold regular consultative meetings with industry stakeholders, specifically addressing developments in cement manufacturing, bagging, and distribution.

Initiated by Minister K.T. Hammond, the meetings aim to tackle critical issues in the sector, particularly in response to announcements of ex-factory price changes by individual companies.

Metro Lens

Concerned about the rising cost of cement at the retail level and its economic impact, Minister Hammond raised questions about the sale of a bag of cement at ¢95.00 in certain regions, including the Accra/Tema Municipalities.

To address these concerns, key measures were agreed upon for immediate implementation to stabilize prices. Companies are required to publish recommended distribution and retail prices for various grades of products in their respective distribution zones.

Additionally, companies must enforce quality standards and weights to counter the production and distribution of substandard items.

Stakeholders are expected to collaborate on exploring the possibility of introducing a uniform cement pricing formula, ensuring consistency in retail pricing across the country, and considering key cost variables.

The MoTI assured the public that these measures, among others deemed necessary, will be implemented in partnership with the Chamber of Cement Manufacturers, Ghana, to ensure justifiable and reasonable adjustments in prices.

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