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BusinessKT Hammond issues a directive to reverse recent increase in cement prices

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KT Hammond issues a directive to reverse recent increase in cement prices

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Minister for Trade and Industry, K. T. Hammond, has taken decisive steps to tackle the recent surge in cement prices by instructing the Cement Manufacturing Development Committee (CMDC) to intervene immediately.

This directive aligns with his earlier mandate to the CMDC during its inauguration on March 8, 2024.

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Hammond stressed the urgency for Ghanaian cement manufacturers to swiftly reverse the recent price hikes.

Additionally, he urged the CMDC to enforce transparency by compelling all cement companies to publish their retail prices.

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The Minister highlighted that these measures aim to alleviate the burden placed on consumers by arbitrary increases in cement prices.

Furthermore, Hammond reiterated his call for the adoption of a unified cement pricing mechanism nationwide.

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He proposed a model similar to the Unified Petroleum Pricing Fund (UPPF), which regulates fuel retail prices in Ghana, to ensure price consistency and fairness in the cement market.

Established under the Ghana Standards Authority (Manufacture of Cement) Regulations, 2023 (L| 2480), the CMDC plays a crucial role in regulating the cement industry.

Prof. Alex Dodoo, Director-General of the Ghana Standards Authority, chairs the committee, which includes representatives from cement manufacturers, the Association of Ghana Industries, and governmental bodies.

The CMDC’s mandate extends to promoting the manufacture, wholesale, and retail of cement and its components.

With a diverse membership comprising industry experts and regulatory agencies, the CMDC is well-equipped to address challenges and ensure compliance within the sector.

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