The recent surge in cement prices on the market is not attributable to the Legislative Instrument (LI) proposed by Trade and Industry Minister KT Hammond to curb price increases. Instead, it is primarily linked to the depreciation of the Ghanaian cedi against the dollar in global markets. This depreciation has significantly inflated the cost of imported raw materials crucial for cement production.
Many companies in the cement industry are grappling with challenges related to clearing imported raw materials at the port, often incurring demurrage charges. Member of Parliament for Beum in the Oti Region, Hon. Kofi Adams, discussed these issues on Ahotor 92.3 FM’s Adekyee Mu Nsem morning show hosted by Alex Nana Dogbey in Accra.
Adams highlighted the exorbitant cost buildup at the port and expressed skepticism about achieving reasonable cement prices solely through the LI.
Meanwhile, Trade and Industry Minister KT Hammond plans to present the LI to Parliament to regulate cement prices after a stakeholder meeting on July 1, 2024, saw representatives of major cement manufacturers boycotting the discussion.
The boycott was sparked by the unexpected presence of the media at the Ministry’s premises. Cement industry representatives, including GHACEM, Dangote, CBI, Cimaf, and Diamond Cement, voiced disappointment over the Minister’s decision to invite the media without prior notice, leading to their withdrawal from the meeting.
Despite the absence of key stakeholders, KT Hammond proceeded with the meeting, addressing journalists and reiterating his commitment to safeguarding national interests.
The National Democratic Congress (NDC) has criticized the LI as evidence of the Akufo-Addo-led government’s disregard for the welfare of Ghanaians.
