{"id":18344,"date":"2024-07-01T10:50:50","date_gmt":"2024-07-01T10:50:50","guid":{"rendered":"https:\/\/sotnews.agency\/?p=18344"},"modified":"2024-07-01T13:41:15","modified_gmt":"2024-07-01T13:41:15","slug":"if-cedi-falls-against-the-dollar-it-automatically-affects-cement-prices-because-of-clinker-importation-alan","status":"publish","type":"post","link":"https:\/\/sotnews.agency\/?p=18344","title":{"rendered":"If Cedi falls against the Dollar, it automatically affects cement prices because of clinker importation \u2013 Alan"},"content":{"rendered":"
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\n \t<\/i> Read Time:<\/span>4 Minute, 30 Second <\/div>\n\n <\/div>

Depreciation of the Cedi automatically affects prices of cement,<\/strong> Independent Presidential candidate and Leader of the Movement for Change, Alan Kyerematen has aid.<\/strong><\/p>\n

He explained that because of the importation of clinker for the production of cement, whenever the Cedi falls against the Dollar, it has a multiplying effect on the prices of the commodity.<\/p>\n

The former Trade Minister suggested to the government to meet stakeholders in the cement industry and agree on how to control the rising prices rather than introducing legislation.<\/p>\n

Asked for his view on the introduction of the Legislative Instrument (L.I) by Trade Minister KT Hammond to control the prices of Cement, while speaking on the New Day show on TV3 Monday, July 1, he said \u201cIt has a multiplying effect on the economy when prices of cement and petroleum products go up, it ought not always to be the case but sometimes that shows how our economy is structured. Anytime you have an imported product, and cement has about 85 to 90% imported raw materials which is the clinker and the Cedi depreciates it has an effect on the cost.<\/p>\n

\u201cIf you solve the fundamental problem you don\u2019t need to control prices. That can easily be resolved. When you legislate pricing then you are also affecting the market structure because we have opted for a field market operation.\u201d<\/p>\n

He added, \u201cAt this point, we need administrative control rather than legislative control\u2026you need to meet the industry and other stakeholders\u00a0 and agree, rather than introduce a legislation.\u201d<\/p>\n

The cement producers have raised issues against the instruction of the Legislative Instrument by Trade by Trade Minister KT Hammond to control the prices of cement<\/p>\n

the Executive Secretary of the \u00a0Cement<\/span><\/a> Manufacturers Association of Ghana (CMAG) Rev. Dr. George Dawson-Ahmoah said that unfavorable economic conditions in Ghana are causing them to increase the prices of\u00a0\u00a0cement<\/span><\/a>.<\/p>\n

He stated that no cement<\/span><\/a> producer is happy with increasing prices.<\/p>\n

\u201cNo cement manufacturer is happy with increasing prices. we do that because of an unfavorable economic situation,\u201d he said on the Key Points on TV3 on Saturday, June 29.<\/p>\n

Rev. Dr. George Dawson-Ahmoah said on the Key Points on TV3 Saturday, June 29 that the rapid depreciation of the local currency has been impacting their operations, forcing them to raise the prices of cement.<\/p>\n

Clinker which is a major component of cement production, is imported hence the depreciation of the Cedi\u2019s impact on their business, he said.<\/p>\n

\u201cIt has a huge impact on the pricing of\u00a0\u00a0cement<\/span><\/a>. There are other factors but currently this is a major concern now and that is what has motivated the Minister to rush to parliament to regulate prices. Why didn\u2019t he do it last year?\u201d He said.<\/p>\n

Rev. Dr. George Dawson-Ahmoah had told Trade Minister K T Hammond that the increasing prices of\u00a0\u00a0cement<\/span><\/a>\u00a0can be attributed to the fall of the Cedi against the Dollar.<\/p>\n

Rev Dawson-Ahmoah said they do not need a Legislative Instrument to regulate cement prices.<\/p>\n

Rev. Dr. George Dawson-Ahmoah further stated that they have not been consulted on the L.I. He asked the Minister to seek their views on it.<\/p>\n

\u201cWhy is the Minister avoiding or just running away from this discussion? Previously, our position has been that these prices of\u00a0\u00a0cement<\/span><\/a>, the increase of prices of\u00a0\u00a0cement<\/span><\/a>, it is not done in a vacuum. It is not done just because we wake up in the morning and do it,\u201d\u00a0 he said.<\/p>\n\n

\u201cIt is as a result of a negative trend in the economy, which is warranting such increases, and that is the issue. And like I said, what is happening now with\u00a0\u00a0cement<\/span><\/a>\u00a0prices is just because of the rapid and consistent depreciation of the cedi against the foreign currencies.<\/p>\n

\u201cWe don\u2019t know anything about it. And with my common knowledge in legislative instruments, don\u2019t you involve stakeholders before it gets to Parliament? Don\u2019t you involve stakeholders in the process?\u201d he quizzed on Tuesday.<\/p>\n

But KT Hammond told journalists in Parliament on Wednesday, June 26 that he had engaged them.<\/p>\n

\u201cI asked them to ensure that something was done about it. In my absence, I was told that the minister wasn\u2019t going to be able to do anything.<\/p>\n

\u201cThey would not listen, they wouldn\u2019t do it, and they would go the way they want. \u201cEncouraging them to do it is a moral persuasion. If moral persuasion fails, there is a system in the country, there\u2019s a constitution, and we are preyed by a rule of law. If we don\u2019t accept the moral principle, at least some sort of economic principle, the good people of Ghana must benefit. I don\u2019t think it is fair for the way they are pricing and the way, haphazardly each one of them decides and dictates how much a bag of\u00a0\u00a0cement<\/span><\/a>\u00a0should be sold for.<\/p>\n\n

\u201cThis is quite apart from the quality that they are producing. Some of the companies are producing substandard products. We have had to deal with this matter,\u201d he said.<\/p>\n

An attempt to lay the document in Parliament on Tuesday, June 26, was blocked by the Minority.<\/p>\n

The opposition lawmakers insisted the L.I. must first be discussed.<\/p>\n

\u00a0<\/p>\n

The post If Cedi falls against the Dollar, it automatically affects cement prices because of clinker importation \u2013 Alan<\/a> first appeared on 3News<\/a>.<\/p>

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Depreciation of the Cedi automatically affects prices of cement, Independent Presidential candidate and Leader of the Movement for Change, Alan Kyerematen has aid. He explained that because of the importation… <\/p>\n","protected":false},"author":1,"featured_media":18439,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"yes","rop_publish_now_accounts":{"facebook_2277560469115098_106292521332774":"","twitter_aToxNzczMzI3Njk4OTg4ODUxMjAxOw==_1773327698988851200":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[12],"tags":[],"class_list":["post-18344","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/posts\/18344","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=18344"}],"version-history":[{"count":2,"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/posts\/18344\/revisions"}],"predecessor-version":[{"id":18441,"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/posts\/18344\/revisions\/18441"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/media\/18439"}],"wp:attachment":[{"href":"https:\/\/sotnews.agency\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=18344"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=18344"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=18344"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}