Ghanaian Consumers Betrayed with No Accountability
Ghana’s touted economic recovery is proving to be a mirage for many, as gains made in stabilizing the Cedi and curbing inflation are being eroded by persistently high prices at the retail level.
Despite the Cedi’s impressive 35% rally and a noticeable decline in inflation, the benefits are not translating into affordability for the average Ghanaian consumer, leading to concerns of a skewed economic recovery.
Analysts describe the situation as a “tyranny of the asymmetric market,” where prices quickly reflect global shocks but remain stubbornly high even when conditions improve. This “Rocket Up, Feather Down” dynamic is creating a sense of economic siege for citizens.
“The wealth created by national sacrifice is being absorbed as excess profit by a privileged few,” stated Policy Consultant, Raymond Ablorh, in a commentary. He argues that relying on appeals to “market conscience” is ineffective and that price gouging should be treated as a crime.
Ablorh points to the 1992 Constitution, specifically Article 36(1), which mandates the state to manage the economy for the welfare of all citizens. He contends that tolerating price-fixing is a failure to uphold this constitutional duty.
The crux of the problem lies in the decades-long delay in passing the Consumer Protection Bill (dubbed “The Shield”) and the Competition Bill (“The Sword”). These bills, Ablorh asserts, are not new proposals but essential legislative tools to protect consumers and foster a fair market.
“Our regulatory structure is a sieve, protecting nothing,” he said. “The Consumer Protection Bill would empower the Consumer Protection Agency to impose significant fines on deceptive traders, while the Competition Bill would provide the legal framework to dismantle cartels.”
The lack of action on these bills is particularly concerning given Ghana’s commitments under the African Continental Free Trade Area (AfCFTA) treaty. International standards, such as those in the US and EU, demonstrate a far more stringent approach to price-fixing, with penalties including imprisonment and substantial fines.
The persistent delay in enacting the Competition Bill is attributed to the complexities of establishing an independent and technically competent competition authority. Debate continues on whether this authority should be housed within the Ministry of Trade or operate as an autonomous body with investigative and judicial powers.
Furthermore, defining “abuse of dominance” in the Ghanaian context, particularly concerning the influence of “market queens” and trade associations, presents a significant drafting challenge. Poorly defined legislation risks being easily challenged in court.
Ablorh criticizes the current government’s “RESET” campaign, arguing that macroeconomic gains are meaningless if microeconomic realities continue to disadvantage ordinary Ghanaians. He calls for a shift in focus towards enforcing the rule of law and tackling corruption at the retail level.
He urges the Ministry of Trade, Agribusiness & Industry (MOTAI) to move beyond appeals and instead implement regulations, including mandating dual pricing transparency to address the “dollar excuse” for high prices. Parliament is also called upon to prioritize the immediate passage of both bills.
“The price of goods is a policy choice,” Ablorh concludes. “If you refuse to protect the value of the citizen’s money, the citizen will refuse to protect the security of your seat.”
By Raymond Ablorh
The writer is a Policy, Research, Government Relations, Media and Strategic Communication Consultant.
Image Source: MYJOYONLINE
