By: Aminata Sesay
The Trade, Finance, and Transparency Committee of Parliament held a meeting at the Parliament of Sierra Leone to address the escalating price of cement in the country. Chaired by Honourable Veronica Kadie Sesay, the meeting brought together members of the committee, the Deputy Minister of Trade and Industry, cement importers, and distributors to discuss a standardized pricing formula.
Honourable Sesay expressed deep concern over the unregulated surge in cement prices, noting that traders had been setting arbitrary prices, with some consumers paying as much as Le 200 per bag. She emphasized the need for the meeting to engage key stakeholders, including the Minister of Trade and Industry, importers, and distributors, to find a sustainable solution.
Deputy Minister of Trade and Industry, Ramatu Wurie, assured attendees that the ministry had been actively working to stabilize cement prices, drawing parallels with their efforts to regulate fuel and rice prices. She highlighted the ministry’s commitment to transparency and accountability, noting that extensive consultations had taken place, including meetings with the Chief Minister and the Ministry of Transport.
As a result of these deliberations, a new pricing formula was agreed upon: the wholesale price for imported cement would be set at Le 150, with a retail price of Le 170. Local cement would have a wholesale price of Le 135 and a retail price of Le 155. Prices would vary across different regions, with the highest recorded in Karineh, Kamakwa, Punjehun, and Matru, at Le 190 per bag.
Ministerial efforts also included a recent trip to Egypt with key importers to assess global cement pricing trends. The visit confirmed that Sierra Leone’s prices remain competitive compared to other nations. However, external factors such as increased global demand and rising production costs have contributed to recent price hikes.
While importers welcomed the new pricing framework, distributors raised concerns over their exclusion from the decision-making discussions. Desmond Myers, a distributor, voiced frustration over the lack of consultation, warning that they could face operational challenges under the new pricing structure. In response, Honourable Sesay reassured distributors that they would be included in future deliberations, with the next meeting scheduled in three months to reassess the pricing situation.
The meeting concluded with a vote of thanks, reinforcing the government’s commitment to regulating cement prices while ensuring fair market practices for all stakeholders.