The Minister of Trade and Industry, Kobina Tahir Hammond, has recently introduced the Cement Pricing Regulation 2024 to Parliament, aiming to control the price of cement through a regulatory committee. The move comes after cement prices skyrocketed to an average of GH¢105 per bag.
Key Points:
– The Legislative Instrument (L.I) was laid in Parliament by Minister of Trade and Industry Kobina Tahir Hammond.
– The legislation aims to regulate cement prices through price reporting to a regulatory committee.
– The cement industry and some Parliamentarians have expressed opposition, citing unconstitutionality and interference with the free market economy.
– Despite this, the Minority Chief Whip, Kwame Governs Agbodza, has stated that the Minority does not oppose the L.I.
– Speaker of Parliament Alban Bagbin advised the Minister to withdraw and revise the L.I to conform to statutory limits.
– However, the Minister refused to withdraw the L.I, despite the Speaker’s advice.
– Majority Leader Alexander Kwamena Afenyo-Markin has declared that the L.I will not be withdrawn.
Implications:
The regulation has sparked debate on government intervention in the economy. While some see it as a necessary measure to protect consumers, others believe it will stifle competition and innovation in the industry. The Minister’s refusal to withdraw the L.I despite the Speaker’s advice has also raised questions about the relationship between the Executive and Legislative branches of government. As the situation unfolds, we’ll keep you updated on any developments.
Share your thoughts:
Do you think the Cement Pricing Regulation 2024 is a step in the right direction or an overreach of ministerial power? Let us know in the comments!
