The Ministry of Trade and Industry (MoTI) and the Chamber of Cement Manufacturers, Ghana (COCMAG) have announced their partnership to hold periodic consultative meetings with industry stakeholders. The primary focus of these meetings will be to discuss developments in cement manufacturing, bagging, and distribution.
The decision to establish these consultations comes in response to concerns raised by Minister K.T. Hammond regarding the increasing cost of cement at the retail level and its detrimental impact on the economy. Minister Hammond expressed his surprise at the sale of a bag of cement at ¢95.00 in certain regions, namely the Accra/Tema Municipalities.
Acknowledging the wide-reaching effects of price escalation, the MoTI has urged the industry to closely monitor and control the recommended ex-factory price margins of distributors and retailers across the country. In an effort to stabilize prices, several key measures have been agreed upon and will be implemented urgently.
Firstly, individual cement companies will be required to publish recommended distribution and retail prices for different grades of products within their respective distribution zones. This measure aims to promote transparency and provide guidance to consumers and industry players alike.
Moreover, companies will be mandated to enforce strict quality standards and weights of cement products to combat the production and distribution of substandard items. This will help maintain the integrity of products in the market and ensure consumer satisfaction.
The stakeholders involved have also committed to exploring the possibility of introducing a uniform cement pricing formula. Such a formula would ensure consistency in retail pricing throughout the country and take into account key cost variables to establish fair prices.
The MoTI emphasizes that these measures, along with others that may be deemed necessary, will be implemented in collaboration with COCMAG. Their joint efforts aim to bring about justifiable and reasonable adjustments in cement prices, thereby benefiting both businesses and consumers in Ghana.
Source: Ngamegbulam Chidozie Stephen
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