- K.T. Hammond is confident that attempts to block L.I. designed to regulate cement pricing in Ghana will be unsuccessful
- K.T. Hammond clarified the primary objective of the L.I. is to combat unfair profit margins among certain cement manufacturers
- K.T. Hammond emphasized that the legislation does not aim to fix cement prices
Trade and Industry Minister K.T. Hammond has confidently stated that efforts to obstruct the Legislative Instrument (L.I.) aimed at regulating cement pricing in Ghana will not succeed.
The L.I., presented to Parliament on July 9 by Minister K.T. Hammond, has encountered significant resistance from cement manufacturers.
Speaking at a stakeholder meeting with the Ghana Chamber of Construction Industry, K.T. Hammond disclosed that there were attempts underway to prevent the L.I. from progressing into law. He cautioned against these efforts, asserting their futility.
He clarified that the purpose of the L.I. was to combat excessive profiteering by some cement manufacturers and to promote transparency in cement pricing across the country.
“Some parties, discontented with it, and their representatives are actively lobbying various Members of Parliament to block its progress. This endeavor is pointless. Once it has been presented, it remains so,” Hammond emphasized.
He reiterated that the L.I. did not intend to fix prices but aimed to regulate them, ensuring a balanced approach between cement production and consumer purchasing.
“We have taken care to explain what we mean by regulation… achieving an optimal balance between production and purchasing,” Hammond concluded.
