The Minister for Trade and Industry, K.T. Hammond, has confirmed that the Ghanaian government will not be implementing a cap on cement prices in the near future.
This clarification follows the recent enforcement of a Legislative Instrument (LI) regarding cement pricing, which came into effect after a mandatory 21-day maturity period.
Hammond stated that while there have been concerns over cement pricing, the government’s approach will focus on fairness rather than imposing a price cap.
Hammond emphasized that the new regulations are designed to address perceived unfairness in the cement market.
“I am clear beyond argument that there is a certain amount of unfairness in the pricing of cement in the country and I am prepared to make sure that there is some sort of sanity. The document [LI] as we speak is in force,” he said.
He further clarified that the intention is not to cap prices but to ensure transparency and fairness in the pricing process.
The Trade Minister explained that the LI will establish a committee to scrutinize the pricing strategies of cement manufacturers. “We are going to put in place by virtue of the L.I which has come into force, a committee and the committee is going to ask all the manufacturing companies to put before them the basis for their pricing,” Hammond noted. This approach aims to provide a clear understanding of how prices are set, rather than setting a fixed price limit.
