The Ghana Real Estate Developers Association says the legislative instrument aimed at regulating cement prices in the country was a step in the right direction.

Trades and Industry Minister, KT Hammond, has pledged to disregard the petition from the Chamber of Cement Manufacturers to delay the implementation of a legislative instrument aimed at regulating cement prices.

KT Hammond insists that the law is essential to prevent a cartel of manufacturers from exploiting the public.

• Read also: Bill to regulate cement prices will be laid, passed before Parliament adjourns – Trade Minister

Under the proposed LI, cement manufacturers could face up to three years in jail for violations.

According to the former Vice Chair of the Association, Dr Stephen Debrah-Ablormeti, the LI will help the association properly budget and execute projects without hitches.

Speaking on Joy FM’s Top story, he said “ It is an exciting one for us developers. It is exciting one for us because we have to grapple with cost of materials from a very short interval.

“For instance, the last time cement price was increased in Ghana, it was just in May. It was increased by …and then as of this morning we got a text message from the cement manufactures that effective first of July they are increasing it again by GH₵12.

"The truth of the matter is that if you are on a project and it takes you 24 months to develop, giving the fact that cement contributes to about 70% of the building component, once the price of cement is increased, the price of block is increased, price of concrete is increased, price of plastering materials are all increased because it is the same ingredient that affects them in terms of their components.

“So you realise that you get on a project from January, before December this project is already experiencing 30, 45% increase in cost,” he added.

Again, he said a bill of this nature will bring some sanity to the market and emphasised that "We strongly support the position of the honourable minister and with the backing of industry, we should be able to have some conversation that will be equitable for all on the market."