K. T. Hammond, the Minister of Trade and Industry, has directed the Cement Manufacturing Development Committee (CMDC) to step in right away in order to resolve the recent spike in cement prices.
This order comes after he already gave the CMDC instructions during the organization’s March 8, 2024, inauguration.
Mr. Hammond emphasized how urgently Ghanaian cement producers need to stop raising prices.
He also urged the CMDC to enforce openness by requiring all cement companies to publish their retail prices.
The Minister claims that the action is to stop the arbitrary price increases of cement that have put a strain on customers.
Furthermore, the Trade Minister restated his proposal for the establishment of a single cement pricing scheme across the nation.
He suggested a scheme similar to Ghana’s Unified Petroleum Pricing Fund (UPPF), which controls retail fuel pricing. In the cement industry, a system like this would encourage justice and price constancy.
The Ghana Standards Authority (Manufacture of Cement) Regulations, 2023 (L| 2480), which formed the CMDC, are crucial in regulating the cement sector.
The committee, which is led by Prof. Alex Dodoo, Director-General of the Ghana Standards Authority, is made up of representatives from a range of organizations and stakeholders, such as government agencies, cement producers, and the Association of Ghana Industries.
Its mandate encompasses the promotion of cement and its component manufacture, wholesale, and retail.
The CMDC has a broad membership that includes regulatory bodies and industry professionals, which puts it in a good position to handle issues and guarantee industry compliance.
