Trade Minister engages captains of industry in Tema, Pushes win-win pricing for consumers and Industry growth
The Minister of Trade and Industry, Elizabeth Ofosu-Adjare, has toured cement and steel manufacturing companies in the Tema Free Zones Enclave as part of ongoing government engagements to ensure fair pricing and high product quality while sustaining industrial growth.
The minister, who was accompanied by her deputy, Sampson Ahi, and officials of the ministry, visited Continental Blue Investment (CBI) Ghana Ltd, producers of Supacem Cement; CIMAF Ghana Ltd, a Moroccan-owned cement manufacturing company, and Rider Steel Company Ltd.
She also engaged with workers at the various plants and assured them of the government’s commitment to address challenges confronting the manufacturing sector.
Mrs Ofosu-Agyare said the tour followed recent discussions between her ministry and cement and steel manufacturers on pricing structures and quality standards.
She explained that the visit was also meant to provide first-hand insight into production processes and challenges, and also develop joint strategies with industry players to ensure a win-win outcome.
The minister said consumers were increasingly demanding affordable prices without compromising on quality.
"It has become clear that consumers are interested in quality products at fair prices.
The cost of doing business is inevitably passed on to consumers, as the cost of production ultimately determines pricing.
"Over time, key factors affecting industry pricing have included the high cost of borrowing and exchange rate volatility.
Fortunately, under the leadership of President John Dramani Mahama, the exchange rate has stabilised and declined significantly.
"As a result, citizens are also expecting to feel the benefits of this improvement, just as industry is expected to earn fair returns on its investments. The government policies are intended to support both consumers and manufacturers, ensuring shared gains across the economy," she said.
"Over time, key factors affecting industry pricing have included the high cost of borrowing and exchange rate volatility. Fortunately, under the leadership of President John Dramani Mahama, the exchange rate has stabilised and declined significantly," she said.
"As a result, Ghanaians are also expecting to feel the benefits of this improvement, just as industry is expected to earn fair returns on its investments. The president’s economic policies are intended to support both consumers and manufacturers, ensuring shared gains across the economy."
Collaboration
Mrs Ofosu-Agyare said that with the recent improvement in the economy, particularly the stabilisation and appreciation of the cedi, which she attributed to the leadership of
President John Dramani Mahama, consumers expected to feel the benefits of the stability through reduced prices, just as the government expects industry to remain profitable and competitive.
She pledged her commitment to working closely with manufacturers to address additional cost pressures beyond exchange rates, stressing that the government would support measures that lower operational costs while maintaining product quality.
The General Manager of CIMAF Ghana Ltd, Omar El Ghaouti, commended the government for the recent economic stability while highlighting persistent cost pressures facing cement manufacturers.
He outlined CIMAF’s contribution to Ghana’s economic development and its commitment to working transparently with regulators.
"Thank you again for coming. Actually, you know, we commend the effort of the government to make this city safe, which is helping our businesses.
Thank you for the efforts, we appreciate that," Mr Ghaouti added.
He said cement prices had declined over the past five to six months, but he expressed concern over high electricity tariffs and clean energy-related charges and penalties as major cost drivers that are still affecting production.
Price stability efforts
The General Manager of CIMAF Ghana Ltd, Omar El Ghaouti, commended the government for recent economic stability while highlighting persistent cost pressures facing cement manufacturers.
Speaking during a visit, Mr El Ghaouti described the engagement as a valuable opportunity for direct dialogue between government, industry and the media.
He outlined CIMAF’s contribution to Ghana’s economic development and its commitment to working transparently with regulators.
Mr El Ghaouti acknowledged government efforts to stabilise the cedi, noting that currency stability has significantly helped the cement industry.
"Thank you again for coming down on the list. Actually, you know, we commend the effort of the government to make this city safe and it helps us too much. Thank you for the effort and we appreciate that."
He revealed that cement prices have declined over the past five to six months, citing the example of 32.5-grade cement, which has dropped from about GH¢92 per bag to an average retail price of GH¢73–75.
He stressed that cement producers cannot arbitrarily increase prices, explaining that any adjustments must receive approval from the Cement Development Committee, a regulatory safeguard aimed at protecting consumers.
"I think we have reduced our prices because we, the challenge that we had is the Cedi, the cedi depreciation but Now, as you said, as you said in your words, you know, we have felt that cedi is stable and we are happy about that," he said.
Despite the positive impact of currency stability, the CIMAF Ghana boss identified high electricity tariffs and clean energy-related charges and penalties as major cost drivers still affecting production.
He said these challenges continue to exert pressure on manufacturers and require sustained collaboration with government.
Mr El Ghaouti noted that the Chamber of Cement Manufacturers (COGMAC), through its leadership, remains in constant engagement with the Trade Ministry to discuss industry challenges and propose solutions.
He expressed optimism that, with continued government support, outstanding issues affecting the sector can be resolved.
