The Ministry of Trade and Industry (MoTI) and the Chamber of Cement Manufacturers, Ghana (COCMAG) have reached a consensus to release the recommended distribution and retail prices for different grades of cement within their designated distribution zones.
There was a need for this collaboration after the Trade Minister, Kobina Tahir Hammond, convened a meeting to address the escalating retail prices of cement and its consequential impact on the national economy.
Expressing concern over the disparity in cement prices, particularly the sale of a bag at GH¢95 in certain regions, including the Accra/Tema Municipalities, the Minister sought to address the root causes of this surge.
During the meeting, the Minister emphasised the necessity for the industry to be attentive to the far-reaching consequences of price hikes.
He urged the stakeholders to actively monitor and regulate the recommended ex-factory price margins adhered to by distributors and retailers for their respective cement grades across the nation.
The agreement between MoTI and COCMAG aims to promote transparency and equitable pricing in the cement industry, ensuring that consumers are informed about reasonable price ranges in different regions.
This collaborative effort reflects the commitment of both parties to curbing unwarranted price fluctuations and fostering a more stable economic environment.
Read their statement below:
CEMENT MANUFACTURERS URGED TO PUBLISH RECOMMENDED RETAIL PRICES
ACCRA, 18 JANUARY, 2024 – The Ministry of Trade and Industry (MoTI) and the Chamber of Cement Manufacturers, Ghana (COCMAG) have agreed to periodically hold consultative meetings with industry players on developments in cement manufacturing, bagging and distribution, especially prior to the announcement of ex-factory price changes by the individual companies.
The Minister called the meeting to express concern about the rising cost of cement at the retail end and its adverse economic impact on the economy. The Minister wondered how a bag of cement could be selling at GHS95.00 in some parts of the country, even around the Accra/Tema Municipalities.
The Minister entreated the industry to take cognizance of the widespread effects of price escalation and the need to closely monitor and exercise control over the recommended ex-factory price margins of distributors and retailers of their respective grades of products across the country.
Specific measures agreed on for urgent implementation include the following:
• Individual companies to publish the recommended distribution and retail prices of the various grades of products sold in each of their respective distribution zones.
• Vigorously enforce quality standards and weights of cement products on the market to clamp down on the production and distribution of substandard cement products.
• Collaborate on exploring the possibility of introducing a uniform cement pricing formula that ensures uniformity and consistency in retail pricing across the country, taking into account key cost variables.
The Ministry would like to assure the consuming public that these and any other measures necessary will be implemented in collaboration with the Chamber of Cement Manufacturers, Ghana, to ensure price adjustments are justifiable and within reasonable limits.
ISSUED BY:
Head, Communication and Public Advocacy
Ministry of Trade and Industry
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