Cement price regulation: Manufacturers boycott meeting with Trade minister

Representatives from major cement manufacturers boycotted a crucial stakeholder meeting with the Minister for Trade and Industry, K.T. Hammond, on Monday, July 1, 2024.

The meeting, intended to discuss new price regulations, was opened to media presence, leading to the manufacturers' withdrawal. The group of representatives, including those from GHACEM, Dangote, CBI, Cimaf, and Diamond Cement, had anticipated a closed-door session.

Their decision to boycott stemmed from their surprise and disapproval of the minister's unilateral decision to involve the media. Despite the absence of the manufacturers, the minister proceeded to address the media, asserting his commitment to safeguarding the state's interests.

He emphasized that the government would not be swayed by the demands of the cement manufacturers and criticized their reluctance to comply with previous directives.

Efforts to bring the manufacturers to the negotiation table have been unsuccessful, according to K.T. Hammond. He expressed disappointment over their refusal to participate due to the media's presence, despite being present in the building.

"They have refused to come, although they're in the building, because of the camera and media presence. I have given them enough opportunity to bring ideas for us to sanitize the system, but they won't cooperate," he said.

Looking forward, Mr. Hammond revealed plans to initiate the process of introducing a new Legislative Instrument (LI) in parliament for consideration the following day.

This measure is expected to regulate cement pricing and dismantle the monopoly currently held by the producers. The minister highlighted the urgency of the situation, condemning the continuous increases in cement prices and vowing to take action to stabilize the market.

"God willing, tomorrow [Tuesday], I will officially make the effort to have the LI laid to regulate the pricing of cement in the country. I think it is atrocious to have a situation where every blessed minute there are cement price increases," he stated.

He reiterated that the manufacturers had been given ample opportunities to contribute to the discussion but had failed to engage constructively.

GA/EK

Watch the latest edition of BizTech below:



Ghana’s leading digital news platform, GhanaWeb, in conjunction with the Korle-Bu Teaching Hospital, is embarking on an aggressive campaign which is geared towards ensuring that parliament passes comprehensive legislation to guide organ harvesting, organ donation, and organ transplantation in the country.

Click here to follow the GhanaWeb Business WhatsApp channel