Trade Ministry, COCMAG sign MoU to help stabilise prices of cement
The government, through the Ministry of Trade and Industry, has signed a Memorandum of Understanding (MoU) with the Chamber of Cement Manufacturers, Ghana (COCMAG) to help stabilise prices of cement in the country.
Through this agreement, the government and COCMAG would collaborate with various stakeholders within the value chain to ensure price stabilisation in the cement industry.
The signing of the MoU on price stability comes at a time that the Ghana Real Estate Developers Association (GREDA), has asked the government to institute measures to reduce taxes incurred on the cost of production materials.
Meanwhile, the agreement is expected to provide a collaborative platform that would strengthen the relationship between the government and COCMAG, and relevant stakeholders to resolve sensitive issues surrounding the production and sale of cement.
The Deputy Minister of Trade and Industry, Nana Ama Dokuas Asiamah-Adjei signed on behalf of the Ministry of Trade and Industry, while, Mr Frederic Albrecht signed on behalf of COCMAG.
In her brief remarks, she said that MoTI has resolved to ensure compliance in the cement industry in accordance with the government’s initiative through the Ghana International Trade Commission (GITC).
By so doing, the ministry would ensure that ensure fair competition for persons engaged in domestic production and international trade, particularly those in the cement industry.
Following the signing of the MoU, she had a round table discussion with the heads of the Environmental Protection Agency (EPA), the Ghana Standards Authority, Ghana Ports and Harbours Authority and the Customs Division of the Ghana Revenue Authority (GRA), and representatives from the Chamber of Cement Manufacturers, Ghana.
The meeting was to discuss strategic issues centred on all aspects of local cement production, sales and pricing.
GREDA asks gov’t to address the high price of cement
Earlier this month, the Ghana Real Estate Developers Association (GREDA), bemoaned the rise in the price of cement in the country and asked the government to reduce taxes incurred on the cost of production materials.
This was after the Chamber of Cement Manufacturers, Ghana had indicated the price of a bag of cement was likely to hit GH₵60 by the end of the year due to taxes and levies that affect production cost.
Over the past seven months, the retail price has shot up three times, hitting a 27% increment, pushing the price of a bag of cement to be sold at GH₵50.00.