The Ministry of Trade and Industry (MoTI) and the Chamber of Cement Manufacturers, Ghana (COCMAG), have entered into an agreement to conduct periodic consultative meetings with industry stakeholders.

These meetings will focus on addressing key developments in cement manufacturing, bagging, and distribution.

The primary objective is to tackle crucial issues within the sector, particularly before any announcements of ex-factory price changes by individual companies.

Initiated by Minister K.T. Hammond, the meeting aimed to address concerns about the rising cost of cement at the retail level and its adverse economic impact.

Expressing worry over the sale of a bag of cement at ¢95.00 in certain regions, including the Accra/Tema Municipalities, the Minister urged the industry to recognize the widespread effects of price escalation.

He emphasized the need to closely monitor and control the recommended ex-factory price margins of distributors and retailers across the country.

To stabilize prices, key measures were agreed upon, including individual companies publishing recommended distribution and retail prices for various grades of products in their respective distribution zones.

Additionally, companies are mandated to enforce quality standards and weights of cement products to counter the production and distribution of substandard items.

Stakeholders will collaborate on exploring the possibility of introducing a uniform cement pricing formula, ensuring consistency in retail pricing nationwide, and considering key cost variables.

The MoTI assured the public that these measures, among others deemed necessary, will be implemented in collaboration with the Chamber of Cement Manufacturers, Ghana, to ensure justifiable and reasonable adjustments in prices.

How can a bag of cement sell at ¢95?’ – K.T. Hammond meets manufacturers over price escalation#UTVNews pic.twitter.com/HrCQRw3W6n— UTV Ghana (@utvghana) January 19, 2024