CEMENT MARKET PRICE CONTROL

The Legislative Instrument (LI) being introduced by the Minister of Trade and Industry, Hon. K.T. Hammond, in order to regulate the prices of cement is in the right direction. This is being done to protect consumers, and it was in bad taste for Dangote, Supacem, Ghacem, Diamond Cement, and CIMAF to decline to attend a meeting scheduled for the 1st of July, 2024 with the Minister. The proposed meeting was to discuss a way to mitigate the unbearable soaring prices of cement and also to give an opportunity for these companies to make an input to ensure the agreed prices are acceptable to the companies as well as the consumers.
Recently, the federal government in Nigeria met with cement manufacturing companies and the Cement Manufacturers Association of Nigeria to discuss the soaring prices of cement due to the cost of production. At the end of the meeting, they reached a consensus to peg the prices of cement from 7,000 but no more than 8,000 Naira, depending on the area. This is a case where the manufacturers share the concerns of the government and their consumers.
In 2021, the Gambian government placed cement in the category of essential goods in order to regulate the continuous hikes in the price of cement. The difference between the wholesale and retail price was 20 Gambian dalasi, as the wholesale price agreed was 285 and the retail price, 305, across the country.
The aim of companies in Ghana should not only be to make profit but also to help the government in their little way to alleviate the plight of the people. If cement manufacturers agree to peg the prices of cement at modest prices, it will in turn enable consumers to purchase more cement and also help them complete projects within their scheduled time. The companies will not record any loss as long as profit has been factored into the price pegged. I implore them to sit with the minister, as it has been done in Nigeria and Gambia, and come to an amicable conclusion.