Ministry of Trade and Industry (MoTI) and the Chamber of Cement Manufacturers, Ghana (COCMAG) have agreed to hold regular consultative meetings with industry stakeholders, focusing on developments in cement manufacturing, bagging, and distribution.

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

Minister K.T. Hammond initiated the meeting to express concerns about the rising cost of cement at the retail level and its adverse economic impact. He raised questions about the sale of a bag of cement at ¢95.00 in certain regions, including the Accra and Tema Municipalities.

"The Minister entreated the industry to take cognizance of the widespread effects of price escalation and the need to closely monitor and exercise control over the recommended ex-factory price margins of distributors and retailers of their respective grades of products across the country," stated the MoTI.

Crucial measures have been unanimously agreed upon for immediate implementation to stabilise prices in the cement industry. These measures include the obligation for individual companies to publish recommended distribution and retail prices for various product grades within their respective distribution zones.

Furthermore, companies are now mandated to rigorously enforce quality standards and specified weights for cement products, aiming to counter the production and distribution of substandard items.

Stakeholders are also anticipated to collaborate on exploring the feasibility of introducing a standardised cement pricing formula. This initiative aims to ensure consistency in retail pricing across the country, taking into account essential cost variables.

The Ministry of Trade and Industry (MoTI) has assured the public that these measures, deemed necessary among others, will be implemented in partnership with the Chamber of Cement Manufacturers, Ghana. The ultimate goal is to facilitate justifiable and reasonable adjustments in prices.