Vincent Oppong Asamoah, the Member of Parliament for Dormaa West, pointed out that the strength of the Cedi is the main factor behind the increase in cement prices.
He stressed the importance of engaging all stakeholders to identify the root cause of the issue before introducing the Legislative Instrument (LI) aimed at regulating cement prices in parliament.
As the Ranking Member on the Committee for Works and Housing, he expressed disappointment that the committee was not consulted as crucial stakeholders in addressing this issue.
“The committees responsible for trade, works and housing, and finance should have been consulted before this Legislative Instrument came to parliament, but we were not informed about it,” he told Kemmini Amanor on Ho Issues on T3 Sunday, July 7.
“If there was any consultation, it clearly wasn’t sufficient,” he added.
In addition to Vincent Oppong Asamoah’s remarks, cement producers also stated they were not consulted on the Legislative Instrument (LI).
However, Trade Minister KT Hammond vehemently refuted these claims, describing them as outright falsehoods.
In an interview with TV3’s Beatrice Adu, KT Hammond asserted that Rev. Dr. George Dawson-Ahmoah, the Executive Secretary of the Cement Manufacturers Association of Ghana (CMAG), personally handed him the draft of the Legislative Instrument (LI), affirming it as his creation.
Hammond refuted claims of non-consultation, stating, “It is categorically untrue that consultation did not occur; he has consistently been actively involved in all related efforts.”
Meanwhile, Rev. Dr. George Dawson-Ahmoah acknowledged they were not formally consulted, attributing the rise in cement prices to unfavorable economic conditions in Ghana.
Rev. Dr. George Dawson-Ahmoah also highlighted that the rapid depreciation of the local currency has significantly affected their operations, necessitating them to increase cement prices. He explained that clinker, a crucial component in cement production, is imported, making it vulnerable to the Cedi’s depreciation.
“This depreciation has a substantial impact on cement pricing. While there are other contributing factors, this is currently our primary concern and the reason prompting the Minister to expedite the regulation of prices in parliament. Why was this not addressed earlier?” he questioned.
Rev. Dr. George Dawson-Ahmoah conveyed to Trade Minister KT Hammond that the escalation in cement prices is due to the Cedi’s depreciation against the Dollar.
He asserted that there is no need for a Legislative Instrument to regulate cement prices.
