The Ministry of Trade and Industry (MoTI) and the Chamber of Cement Manufacturers, Ghana (COCMAG) have reached an agreement to publish the suggested distribution and retail prices for different grades of cement in their respective distribution zones.
During a meeting convened by the Minister of Trade and Industry, K.T Hammond, concerns were raised about the increasing retail cost of cement and its negative impact on the economy.
Minister Hammond expressed bewilderment at the sale of a bag of cement for GH¢95.00 in certain regions, including the Accra and Tema Municipalities.
The Minister urged the industry to recognize the widespread repercussions of rising prices and emphasized the importance of closely monitoring and regulating the recommended ex-factory price margins set by distributors and retailers for their respective cement grades nationwide.
Below is the full statement
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 GH¢95.00 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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