Ghanaians have, in recent years, been compelled to endure a relentless rise in the cost of living.
From basic food items and transportation fares to essential services and utility costs, the economic burden on the average citizen continues to intensify.
While it is true that prices in a liberalised economy are largely driven by market forces, there is a compelling case to be made for the introduction of a price control mechanism, particularly for essential goods and services.
The Ghanaian Times is of the firm belief that price control, whether in the form of ceilings, regulated margins, or targeted subsidies is not an attempt to stifle private enterprise or dampen competition.
Rather, it is a necessary safeguard to protect the vulnerable, promote fairness in the marketplace, and curb opportunistic behaviours during times of economic hardship.
In Ghana, unchecked price hikes, especially in basic commodities such as food, fuel, and medicine are often driven by speculative pricing, artificial shortages, and exploitative tendencies.
These trends severely impact low-income households, erode public confidence in market systems, and threaten social stability.
We are convinced that a robust and sustainable price control framework can help mitigate these challenges. Such a system should necessarily aim to prevent profiteering, ensure affordability, and stabilise the cost of living for ordinary Ghanaians.
Importantly, this should be pursued without undermining the economic viability of producers and retailers. Countries such as Côte d’Ivoire have, over the years, deployed price control mechanisms strategically to stabilise their economies.
Even Ghana has, in the past, implemented subsidies and price stabilisation schemes, particularly in the energy and agricultural sectors. While these interventions offered short-term relief, they lacked the structural sustainability to produce long-term impact.
The current economic climate calls for a comprehensive and enforceable price regulation system, one that strikes a delicate balance between consumer protection and private sector growth.
The Ghanaian Times aligns with the proposition advanced by Mr Peter Debrah, a writer and policy advocate, who in an article published in this paper on Wednesday, July 16, 2025, called for the establishment of a Pricing Regulatory Commission.
Mr Debrah noted: “The time has come for Ghana to establish a Pricing Regulatory Commission or Authority, a body dedicated solely to monitoring, evaluating, and setting fair price thresholds for essential goods and services.
‘’This institution will be different from, and operate independently of, existing consumer protection structures. It will serve as a stabilising force in the economy and help restore confidence in market fairness.”
Indeed, for any price control framework to succeed, it must be data-driven, grounded in real-time market insights and cost structures. It must be targeted, focusing on essential commodities rather than imposing blanket controls.
It must be transparent, with clear and consistent communication to avoid panic buying or hoarding.
Most importantly, it must be enforceable, with strong regulatory backing and sanctions for non-compliance, and inclusive, ensuring active participation from producers, retailers, economists, and consumer groups.
While price controls are not a silver bullet, they are a necessary policy tool in an era where inflation, speculation, and inequality are widening. Ghana needs a pragmatic, fair, and flexible pricing policy- not to replace the market, but to cushion the citizenry and preserve their dignity.
In the words of Mr Debrah: “Let us act now to safeguard the ordinary Ghanaian, protect local businesses from exploitative competition, and restore confidence in the market system.”