Minister of Trade and Industry, K.T. Hammond has submitted new legislation in Parliament to address arbitrary cement pricing.
This comes after the minister’s moral appeal of cement manufacturers to stop arbitrary price rises and publicize retail prices was unsuccessful.
Mr. Hammond told media in Parliament yesterday that his ministry has introduced a law to sanitize the cement sector.
“You would also see that for a long time, cement prices did not de-escalate. It never stops getting worse. It’s constantly rising through the ceiling, the roof, and towards the sky.
Our need is not even close to 11 million, thus it might be a highly successful business. However, I believe it is the responsibility of those in positions of authority to make sure that Ghana’s good people are not taken advantage of. I don’t feel at ease,” he said.
According to the minister, Ghanaians are not receiving fair compensation for “all that it’s worth.”
“I believe there is a fundamental issue with the nation’s cement pricing. “We addressed the same issue—the harm done to the cement industry—when we were at the Ministry of Energy,” Mr. Hammond said.
He said that if the new Legislative Instrument (L.I.) is passed into law, it will establish a price stabilization fund to control the cost of cement throughout the nation.
“Combine the two, and we have a situation where a bag of cement sells for the same price in Bolga and Accra. It sells for the same price in Kumasi as it does at Sefwi Wiawso. We’ll talk about each of these topics.
“Naturally, let’s also make sure that there is some sort of sense. It ought not to be that capricious. I would not permit a scenario in which there isn’t an oligarchy functioning in place of a monopoly.
“We turned it into a monopoly even though there was one when Ghacem was the only company operating,” he continued.
Even with them all, cement prices have not decreased as of yet. Certain things are so vital to the nation that they cannot be ignored. It is intended for everyone’s general use.
“There’s nothing anyone can do about petroleum goods. It’s comparable to a syndicator. At some time, we would all have to rely on petroleum-based products. That rank has been attained by cement,” the minister declared.
“Cement is needed for all projects, in every area of the economy, in your home, at work, and for any kind of construction. I now hold the opinion that it’s past time for the people who are selling these goods to better serve the nation. The cost of cement is somewhat arbitrary,” he emphasized.
BY: APPIANIMAA MERCY
