Control pricing is a very slippery slope, says Oppong Nkrumah

The Information Minister says introducing price controls would mean accepting a much greater degree of intervention in the market

Kojo Oppong Nkrumah, the Minister of Information, has said control pricing is a very slippery slope that may produce bigger problems if it is implemented.

Some experts have suggested that the government consider introducing a price control mechanism to check prices of goods on the market.

For instance, Ransford Gyampo, a professor in the political science department of the University of Ghana, has suggested that the government introduce what he describes as “near price control”.

Gyampo believes this will help alleviate the plight of consumers following the recent increases in prices of common goods.

However, speaking with Kwaku Nhyira-Addo on the Asaase Breakfast Show on Tuesday (1 November 2022), Oppong Nkrumah said: “It’s a slippery slope.”

He said, “Control pricing is a very slippery slope. Once you start getting into that territory, you are getting into a bigger level of intervention in the market. 

“At this moment, I think we are clear that there are specific items that are experiencing market failures which are triggering a higher cost of living, and, therefore, if you can do those surgical operations to tackle those items, you may be able to halt the bigger spiralling effect on the economy. If you start going full throttle of control prices like it’s been done elsewhere, the risk is larger …

“We more believe in a liberal economy than a controlled economy…” the minister added.

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