K T Hammond is the Minister for Trade and Industry
Mr K.T. Hammond, the Minister of Trade and Industry, said the government had formed a Stakeholder Committee to ensure that prices of cement were not artificially high but reflected the real costs.
He said the Committee, which includes representatives from the manufacturing industry, had been tasked to examine the published prices of cement for consistency.
Mr Hammond, speaking at a Stakeholder Engagement organised by the Ghana Chamber of Construction (GhCCI), said the Legislative Instrument (L.I) 2480 was introduced not to control raw material prices but to ensure greater transparency in the industry.
The stakeholders, notably the GhCCI and the Ghana Chamber of Cement Manufacturing Association (COCMAG), had indicated that the current bill was unconstitutional.
He said there was the need to publish detailed, itemised material lists, including factory direct deliveries, to ensure fair pricing and compliance with quality standards, adding that there was concern about the lack of transparency.
“Our goal is not to cap prices but to understand and ensure fairness in pricing,” he added.
He said the lack of transparency had led to suspicion and concern among stakeholders and consumers.
The Minister said price transparency was essential to building trust and ensuring consumers were not unfairly charged.
He said the L.I sought to curb excessive profiteering by some industry players and to enhance transparency in the pricing regime.
Mr Emmanuel Tetteh Martey, Chairman of GhCCI, said as the 21-day maturity period of the new LI elapsed, further steps would be taken to closely monitor the situation to ensure that all parties were working to ensure that pricing standards and practices were maintained for the benefit of all Ghanaian citizens.
He also advised the government to seek the opinions of all relevant stakeholders in the construction value chain and incorporate their views on how to improve the bill.
Dr Joseph Obeng, President of the Ghana Association of Traders (GUTA), called for greater stakeholder engagement and transparency in the cement pricing mechanism.
He said there was the need to engage all stakeholders in political discussions to ensure full understanding and acceptance of the L.I.
He called for adoption of international best practices, adding that developed countries had successfully implemented similar transparency measures.
The bill also aims to prevent gouging in the pricing of cement and promote competitive practices within the cement industry.
The proposed bill, spearheaded by the Ministry of Trade and Industry, comes against the backdrop of an incessant increment in cement prices and other building materials.
