The Cement Manufacturing Development Committee vows to enforce penalties on manufacturers violating pricing regulations outlined in the Trade Ministry’s recently introduced Legislative Instrument (L.I.).
During an interview on Joy FM’s Super Morning Show on Wednesday, July 3, Professor Alex Dodoo, Chairman of the Committee, emphasized that licenses of non-compliant manufacturers would face revocation.
“The pricing regulation focuses on ex-factory price. It takes away retailers who are also mandated to report but the sanctions on them are little. But for the manufacturers, your license can be revoked if you do not report,” he said.
The Legislative Instrument (L.I.), aimed at stabilizing market prices and promoting fair competition, was finally presented in Parliament on Tuesday after facing strong opposition from manufacturers.
Prof Dodoo is optimistic that the L.I. will bring much-needed reforms to the sector, emphasizing his commitment to promoting transparency in pricing and ensuring high quality standards.
“There is a strong stick. When you produce while you don’t have a license to produce, you are in trouble.”
However, there is still a dissenting opinion from a member of the Minority, Ibrahim Murtala Mohammed. He claims amendments supposedly made to the L.I are yet to be seen.
He suggested that there are more effective methods to address rising prices than regulation.
“What was laid yesterday [Tuesday] was no different from what we know. If there is a proposed L.I which is 240 and there is some amendment, they would have indicated, so it is the same L.I laid yesterday [Tuesday],” he said.