Home Zambia News Increase in Cement Price due to Raw Materials being Quoted in Dollars

Increase in Cement Price due to Raw Materials being Quoted in Dollars

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Increase in Cement Price due to Raw Materials being Quoted in Dollars

A scam has been unearthed at Dangote Cement in Masaiti district where supply of raw materials especially gypsum is being quoted in dollars.

ZANIS reports that Dangote Cement Chief Financial Officer, Bright Tembo said this during the company’s presentation to Copperbelt Province Minister, Japhen Mwakalombe when he visited the plant.

Mr. Tembo said the situation has necessitated the increase in cement price in the country. Increase in Cement Price due to Raw Materials being Quoted in Dollars

And Mr. Mwakalombe has warned that such suppliers will be visited by the law and that necessary action will be taken.

He said government is concerned with the recently continued increasing prices of cement on the market, describing the situation as sabotage to the country’s infrastructural development.

The Minister said the current prices of the commodity also defeats efforts to reduce on the housing deficit the country is faced with.

He warned suppliers and other businesses with such a trend to stop immediately and ensure that they trade in the local currency, adding that few individuals should not take advantage of the prevailing situation and exploit others.

The minister, however, added that government will continue creating an enabling environment which the private sector should use to for their businesses to thrive but it should not be used as a loophole for economic sabotage.

Meanwhile, Mr. Tembo reiterated that the closure of Chambishi Metals has deprived a reasonably priced source of gypsum which is now being sourced from South Africa, Namibia among other distant local sources.

He regretted that suppliers of raw materials such as gypsum among others have resorted to quoting their prices in dollars.

He said efforts to open Chambishi metals be expedited so that the challenges being faced by the cement manufacturing companies can be mitigated.

Source: Lusaka Times