In Trinidad and Tobago, a rare example of the triumph of economics over politics is unfolding. Trinidad Cement Company Limited's (TCL) four-year cement market monopoly is coming to an end. A cement company that left Trinidad and Tobago in 2021 because of the government's oppressive regulatory policies is now ready to resume operations.
It is a textbook example of how politicians have mismanaged the economy. According to the Express, Len Ramhit, managing director of Rock Hard Distribution, revealed that the company had "faced challenges from the Trinidad government on an ongoing basis". Ramhit pointed out that their blended hydraulic cement was misclassified by government workers, resulting in high tariffs being imposed on companies. Hard Rock appealed the case to the Caribbean Court of Justice and won, but the government raised the import tariff to 35%. The company again filed an objection and won another case in the Caribbean Court of Justice, but then the government raised the tariff to 50% and set an import limit of 55000 tons for the rock hard company.
Obviously, these measures are all aimed at protecting TCL's profits. However, TCL raised cement prices five times between December 2021 and February 2025. After the last price increase, the then Trade Minister Paul Gopi-Schoon stated: "We are not satisfied with the price increase that TCL has accumulated, and we are very unhappy about it." Her dissatisfaction with prices completely ignores that it was the government that created the conditions for monopoly pricing in the first place.