Trade Minister urges cement manufacturers to cut prices
Minister for Trade, Agribusiness, and Industry, Elizabeth Ofosu-Adjare, has called on cement manufacturers to reduce prices in response to the recent strengthening of the Ghana cedi against major foreign currencies.
The Minister made the appeal during a strategic meeting with members of the Chamber of Cement Manufacturers, Ghana (COCMAG), in Accra.
Discussions centered on growing consumer and industry concerns over the persistently high cost of cement, despite improving macroeconomic conditions, including a relatively stable exchange rate.
The Minister urged producers to adjust their pricing formulas to ease the burden on consumers and support national efforts to stabilize housing and infrastructure costs.
“With the recent gains made by the cedi, it’s only fair that consumers begin to feel the impact through reduced prices of essential goods, particularly cement, which is crucial for construction and national development,” she stated.
The Minister also announced that beginning in August, the Ghana Standards Authority (GSA) would intensify its quarterly inspections of cement plants nationwide to ensure full compliance with national product standards.
She warned that any manufacturer found breaching quality or safety standards would face sanctions, including possible closure.
The meeting brought together leading industry players, including Ghacem, CIMAF, CBI Ghana, Dangote Cement, Dzata Cement, Empire Cement, and Diamond Cement. Company representatives welcomed the government’s intervention and acknowledged the importance of aligning prices with macroeconomic trends.
They admitted that the recent appreciation of the cedi, particularly against the U.S. dollar, has eased import costs for raw materials such as clinker, limestone, and gypsum key components in cement production.
“We are closely monitoring the stability of the exchange rate. If the current trend holds, we are optimistic about reviewing our pricing structure downward,” said a representative of one of the firms.
Manufacturers also pledged to collaborate more closely with regulators to ensure product quality and fair competition, noting that standardization and consumer trust are vital to the industry’s long-term growth.
