Chairman of a committee tasked by the Trade Minister to formulate plans to address the soaring price of cement products has accused cement manufacturers of withholding crucial information needed to resolve the issue of increasing cement prices.

The Director General of the Ghana Standards Authority, Prof. Alex Dodoo, revealed that in five separate meetings, manufacturers failed to disclose their cost structures and other factors influencing product pricing.

According to Prof. Dodoo, the proposed legislative instrument aims to enforce transparency in the industry.

“The question is, are we being charged too much for cement as it comes to the factory? At the committee meetings, five different meetings. The question to the manufacturers is, can you declare your extraction price or your indicative extraction price? So if a consumer is buying they know how much Ghacem, Supercem are selling it at the factory gates. That provides some transparency," he told JoyNews.

“I believe that the whole purpose of the legislation is to promote openness and transparency in cement prices. And that has been an issue of concern and a bit of frustration, both to the ministry, myself and all players. So really it's about transparency on cement pricing, ensuring fair return on investment and ensuring that the Ghanaian consumer receives a fair deal,” he said.

Chief Executive Officer of the Cement Manufacturers Association, Dr Dawson Amoah stated that a dialogue is necessary to discuss how cement prices can be stabilized.

“It is not out of fun that manufacturers get up and increase prices. That I can tell you. I have been in the management of Ghacem before and anytime there is a price increase, honestly, it is really with reluctance. They see the effect but they will not have any other option than to do it. I was rather trying to reiterate whatever efforts that the minister wants to do, instead of trying to regulate the price, I would suggest that there should be a dialogue to see how we can stabilize cement prices.”

Meanwhile, the Ghana Standards Authority has planned to shut down cement companies producing substandard products to maintain quality.

There are currently 14 licensed cement factories operating in the country.

“The standard authority has done research and we have noticed that some particular players believe the only way to compete is to reduce the quality of cement. We did close three of them. And I can assure you in the coming days, a lot more will be closed down because there's one thing we will not compromise on, quality.

“When we went to parliament on Thursday with Honourable K.T Hammond, I will say that the legislatures as we do in legislation are still jaw-jawing to find out what the best fit, which will not reduce the image of Ghana as a country that promotes free market.

But what fit will also show all players that as a country, there are regulations for all players,” he said.