Cameroon gov’t calls for cancellation of price increase

Cameroon gov’t calls for cancellation of  price increase
Published: 24 October 2007

Cameroonian Trade Minister Luc Magloire Mbarga Atangana on Tuesday demanded that Cameroon’s CIMENCAM, subsidiary of Lafarge, cancels the seven per cent increase in the price of the 50kg cement bag, unilaterally decided by this company.

“The present economic situation, marked by the drop of the purchasing power of populations, led the Cameroonian opinion to reject the unilateral decision of CIMENCAM to increase prices”, noted Atangana.

“We demand CIMENCAM to defer this decision, pending the open consultation of all actors. Such a process will lead to a balanced and mutually profitable solution”, he said.

Last week, CIMENCAM added 300 franc CFA on the price of the 50kg bag that rose from 4,500 franc CFA to 4,800 franc CFA.

This increase brought about a general outcry in Cameroon as trade unions and consumer movements announced that they would stage protest marches if the company maintained these prices.

At a meeting held in March 2007 between the Cameroonian government and Lafarge Group, it was decided that any price increase should be subject to mutual consultation.