Minister for Trade and Industry, K.T. Hammond has reassured the public that government does not plan to impose price controls on cement in the near future. This clarification follows the implementation of a contentious Legislative Instrument (LI) on cement pricing, which took effect after the required 21-day gestation period.
According to K.T Hammond, the new regulations are designed to promote fair and equitable pricing of cement throughout Ghana, ensuring a level playing field for all stakeholders.
The Minister declared that the unfairness in cement pricing in Ghana is unequivocal and unacceptable. He expressed his commitment to restoring fairness and order in the market, ensuring that cement prices reflect a more reasonable and equitable value.
He confirmed that the Legislative Instrument (LI) aimed at addressing these issues is now in effect, marking a significant step towards achieving a more balanced and sane pricing regime.
The Ministry will establish a committee to oversee cement pricing. Contrary to previous speculation, the LI does not entail capping cement prices. Instead, the committee will require manufacturers to disclose their pricing mechanisms, ensuring transparency and accountability in the industry. This move aims to promote fair competition and protect consumers from unfair pricing practices.