The Legislative Instrument (L.I.) aimed at regulating cement prices has been passed into law, despite strong objections from cement manufacturers and segments of the public.
Originally, the draft L.I. required manufacturers to seek government approval before setting prices, but this clause has been removed.
The Opposition in Parliament, particularly through Minority Spokesperson on Legal and Constitutional Affairs Bernard Ahiafor, argued that the L.I. is inconsistent with the parent act that regulates standards for all goods and services.
Ahiafor contended that the act’s purpose is to establish quality standards across all products, including cement.
“The parent act by its objects deals with all goods and services, that is setting the standard for all goods and services including the cement, and the understanding of the standard is controlling the quality of all goods and services produced and imported in the country.”
Despite these concerns, the L.I. has been approved after extensive debate in 21 parliamentary sessions.
Trade and Industry Minister K.T. Hammond, who sponsored the L.I., argued that it will reduce cement prices nationwide.
He asserted that the current pricing practices by cement companies are unfair and that the new regulation will restore balance and fairness in the market.
“I have consistently been arguing that we are not being treated fairly by the cement producing companies. I have gone through a lot of literature, I am beyond argument. There is a certain amount of unfairness in the pricing of cement across the country and I am prepared to make sure that there is some sanity,” he said.