According to him, some foreign companies engage in practices that put local ones at a disadvantage.

His comment follows agitations by local cement manufacturers that unfair competition in the industry is putting them out of business.

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The Cement Manufacturers Association of Ghana (CMAG), have demanded that government respond to Nigeria’s non-tariff barrier which makes it impossible for any Ghanaian company to export to Nigeria.

They, however, accused Nigeria of unfair trade practices especially pertaining to the operations of Dangote Cement in Ghana.

The association explained that under the ECOWAS trade liberalisation scheme which comes with attendants on fair trade, Dangote Cement could export cement to Ghana with no harm and foul, but "when a country subsidizes imports into another country, it is unfair trade."

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However, Dangote Cement has described as "inaccurate" and "untrue" the accusations of tax evasion, dumping and other unfair trade practices levelled against it by local cement manufacturers.

But President Mahama commissioning CIMAF cement factory located in the Free Zones enclave in Tema, a Moroccan cement firm, said his administration will do everything possible to protect local companies.

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The 60-million euro cement plant in Tema will produce one million tonnes of cement a year.

President Mahama expressed the hope that, the project would help stabilise the price of the product on the market.

He touched on the current price hike in cement and said the situation had links with rumours of an impending shortage of the product.