Management of Diamond Cement has revealed that the company is likely to retrench about half of its workers.
The General Manager for Diamond Cement, Tati Ramarao, cites unfair competition that has resulted in low sales as a major concern which has adversely affected the firm’s operation.
He said that even though they are not happy to lay off workers “we have no other option”.
Local cement producers have raised concerns about the entry of Nigeria’s Dangote Cement into the Ghanaian market. They say Dangote is selling at prices below competition.
Ramarao pointed out that the Ministry of Trade had failed to address their concerns in order to be able to keep up with competition.
Meanwhile, President John Mahama has said his government will ensure Dangote Cement competes fairly in the Ghanaian market if investigations by the Ghana International Trade Commission find that the Nigerian cement company is enjoying certain subsidies and tax holidays in Africa’s most populous country, which give it certain advantages over local cement manufacturers in Ghana.
