K.T. Hammond interacting with the stakeholders
The Minister of Trade and Industry, Kobina Tahir Hammond, has justified the introduction of the Legislative Instrument (L.I) on cement pricing and production adding that it is to help achieve proper standards for the country.
According to him, when the ministry was confronted with the two critical conditions when it comes to cement development, they realised that some companies where not applying the proper standards for the production of cement.
Mr. Hammond explained that the introduction of the L.I by the ministry in collaboration with the Ghana Standard Authority (GSA) was to essentially deal with the standards which entail what should go into the manufacturing of cement and proper components of ingredients to be used to achieve a proper standard for the country.
He added that if the manufacturers do not abide by the use of the proper standards in manufacturing the cement, the companies would be sanctioned as stated in the document.
He made this justification during a stakeholder engagement organised by the Ghana Chamber of Construction Industry concerning the Cement Pricing Regulation 2024.
Chairman for Ghana Chamber of Construction Industry, Surv. Emmanuel T. Nene Martey, advised that, the bill is not in conformity with the mother law and should be reviewed by Parliament.
According to the Chairman, the minister’s explanation suggests that the price of cement is skyrocketing due to other factors, such as high profit margins.
“Both sides have made their case, and then we will review the bill to determine if manufactures are ripping off the benefits of Ghanaians,” he said.
“The minister and manufacturers have also explained their concerns, so we are working to smooth the rough ends and ensure that the bill becomes legal, as time is running,” he assured.
President of Ghana Union of Traders Association (GUTA), Joseph Obeng, said the meeting for the stakeholder engagement is vital because it brought about the clarification and understanding to stakeholders on the regulation of price reporting and price mechanism.
Speaking with the media, Mr. Obeng clarified that what the minister seeks to do is to regulate the price reporting and price mechanism to show the transparency of price which will immure to the benefit of the Ghanaian consuming public.
“So I think it is a good thing to practice especially when they said other countries are practicing it and that means there are precedents everywhere, so if there is precedent, it should be emulated for the betterment of the country,” he said.
By Janet Odei Amponsah & Najat Ibrahim Abdullah