Nat’l Tymes News Desk
ECONOMIC analyst Nii Ayitey Armah has called on the government to temporarily reintroduce price controls on essential goods to reduce the high cost of living and ensure that recent economic improvements benefit ordinary Ghanaians.
In a policy write-up published by Nationaltymes.com, Armah said that although Ghana’s economy has shown positive signs, including lower inflation, a more stable cedi, and a trade surplus, prices of basic goods remain high.
According to him, this situation shows a disconnect between macro-economic stability and the daily experiences of households. He explained that the continued rise in prices is not driven by real economic costs, but by weak competition, rigid pricing systems, and profiteering along supply chains.
As a result, the benefits of economic recovery are not reaching consumers.
“Markets are not adjusting prices to reflect current conditions,” Nii Armah noted. “Many traders are still charging based on past inflation levels, even though costs have eased.”
To address this problem, he proposed temporary and targeted price controls on essential items such as staple foods, medicines, and basic building materials. He said this would prevent unjustified price hikes, protect vulnerable households, and stop opportunistic pricing.
Nii Armah added that well-designed price controls could also help lower inflation expectations and reduce pressure on household budgets. Without such measures, he warned, businesses and middlemen may continue to keep prices artificially high.
However, he stressed that price controls must be carefully implemented. According to him, they should be limited in scope, time-bound, and supported by strong monitoring and enforcement to prevent abuse and shortages.
He also called on the government to support producers and distributors by reducing the cost of doing business. Suggested measures include tax relief on raw materials, improved transport infrastructure, lower port and transport fees, and easier access to credit.
“These steps are necessary to avoid shortages and black markets,” he said. “When production and distribution costs are reduced, fair pricing becomes easier to sustain.”
Nii Armah emphasized that temporary price controls are not an attack on the free market. Instead, he described them as a practical intervention to restore fairness, transparency, and trust in the pricing system.
“In the short term, price controls can bring relief and restore balance,” he said. “In the long term, stronger competition and market reforms will ensure sustainable growth that benefits everyone.”
He concluded that sharing the gains of economic recovery fairly is key to social stability and inclusive growth in Ghana.
Source: Nationaltymes.com
