Minister of Trade and Industry Kobina Tahir Hammond has defended his proposed Legislative Instrument (L.I.) aimed at regulating cement prices, citing the need for fairness and consumer protection in the industry.
Addressing journalists outside parliament on Wednesday, June 26, 2024, Hammond argued that the L.I. is essential to prevent exploitation and arbitrary pricing by cement manufacturers.
Despite opposition from the Chamber of Cement Manufacturers, who claim inadequate consultation, Hammond maintained that stakeholders have been duly consulted on the proposed regulation.
He emphasized that the country’s installed cement capacity exceeds demand, making it a lucrative industry, and expressed discomfort with the current pricing, suggesting that Ghanaians are not getting a fair deal.
Hammond believes that the industry has been reluctant to address pricing issues voluntarily, leading to a need for regulatory intervention.
He emphasized that the L.I. will bring sanity to the pricing system, ensuring that Ghanaians are not fleeced.
The proposed regulation, if passed, will mark a significant step in regulating pricing in the construction sector, a vital part of the economy.
The government prioritizes consumer protection and fairness, serving the best interests of Ghanaians.
