The silent cry of hardship: The unchecked pricing crisis in Ghana – Kankam Twumasi Daniel writes

Every society has an unspoken promise to protect the vulnerable and ensure all citizens thrive. However, when this promise is broken and the welfare of the vulnerable is neglected by leadership, society collapses.

In a world where essential commodities like food, medicine, shelter, and water are inaccessible to many, the suffering of the poor becomes widespread and deeply felt. The government’s role is not just ceremonial; it is a duty to care for its people. Neglecting this duty leads to desperation, unrest, societal breakdown, and crimes.

Proper governance should prioritise uplifting every citizen, especially the less privileged, through robust social programmes and safety nets. These are not acts of charity but manifestations of justice and equality. A society where safety nets are institutionalised ensures that everyone, from children to the aged, can live with dignity and hope.

This vision of compassionate governance is achievable. It requires the government to ensure that essential commodities are accessible and affordable, and to listen to and act on the needs of the people. The strength of a society is measured by the well-being of its poorest members. A society that cares for its vulnerable thrives, fostering unity, purpose, and progress. It is the government’s responsibility to transform lives and create a society where every individual is valued and empowered. The time to act is now, to build a society founded on the welfare of all its members.

A troubling phenomenon now pervades the social horizon in Ghana, where the government neglects to control the arbitrary hikes in prices by manufacturers and traders. This neglect exacerbates economic hardship, as the unchecked inflation of essential goods and services places an unbearable burden on the average citizen, particularly the most vulnerable. Vice President and flagbearer of the New Patriotic Party (NPP), Dr Mahamudu Bawumia, if elected, must prioritise addressing this critical issue by implementing effective regulatory measures to stabilise and control pricing in the Ghanaian market.

He should consider strategies such as enforcing price ceilings on essential commodities, enhancing market surveillance to prevent exploitative practices, and fostering competitive practices that can naturally keep prices in check. Additionally, Dr Bawumia could explore subsidies for essential goods to shield the poorest segments of society from the adverse effects of price volatility. By focusing on these measures, he can ensure economic stability and protect the welfare of Ghanaian citizens, thereby fostering a more equitable and resilient economy.

Introduction

In the bustling markets of Accra, Kumasi, and other cities across Ghana, a silent crisis is brewing. The absence of robust systems to monitor and regulate prices have created an environment where traders, often driven by the lure of unchecked profits, are inadvertently contributing to a growing wave of hardship that is sweeping across the nation. This unchecked pricing phenomenon is exacerbating the already precarious situation of the ordinary Ghanaian, many of whom are unemployed or earn meager incomes.

The Unseen Burden on Ordinary Ghanaians

Ghana’s unemployment rate remains a significant concern, with a large segment of the population relying on the slender earnings of family members. These family members, often employed in low-wage jobs, shoulder the financial burdens of their extended families. In this delicate balance, any disruption, such as an unexpected rise in the cost of basic goods, can have catastrophic consequences which we are experiencing currently.

Yet, without a regulatory framework to oversee pricing, traders can, and often do, raise prices arbitrarily. This lack of oversight creates a vicious cycle where the most vulnerable bear the brunt of these price hikes. The result is a chorus of hardship, as families struggle to stretch their limited resources further than ever before.

The Government’s Role in Alleviating Hardship

In many developed nations, systems are in place to protect consumers from unreasonable price increases. These systems ensure that prices reflect genuine market conditions rather than the opportunistic tendencies of a few. Furthermore, social safety nets such as unemployment benefits and pensions for the aged irrespective of previous profession provide a cushion against economic shocks. Unfortunately, such mechanisms are conspicuously absent in Ghana.

The responsibility, therefore, falls on the government to institute measures that will control and justify price increases. Establishing a pricing oversight authority would be a critical first step. This body could be tasked with ensuring that any price hikes are justified by actual changes in supply chain costs or other legitimate factors. Traders found guilty of unjustifiable price increases should face penalties that deter such behaviour.

The Ethical Imperative for Fair Profits against Unjust Enrichment

No one is against traders making profits; indeed, a thriving business sector is essential for the economic health of the nation. However, these profits must be earned ethically and reasonably. Traders should be able to justify their prices and demonstrate that they are not exploiting the lack of regulation to unfairly enrich themselves.

This ethical approach to business is not merely a moral imperative but a practical necessity. When traders set fair prices, they contribute to a stable and sustainable economy. Conversely, predatory pricing practices lead to widespread suffering, diminished purchasing power, and a disenchanted populace.

A Call for Immediate Action

The time for action is now. Instituting a system where price increases must be justified will not only alleviate the immediate financial pressures on Ghanaian households but will also foster a culture of transparency and accountability. This system could serve as a bulwark against corruption, ensuring that both traders and regulators operate within a framework of fairness and integrity.

Imagine a Ghana where the prices of goods are stable, where families can budget without fear of sudden and inexplicable increases in the cost of living. Imagine a nation where the most vulnerable are protected from exploitation, and where the government actively works to ensure economic justice for all. This vision is not an unattainable ideal but a feasible reality, provided there is the political will to enact and enforce necessary reforms.

Conclusion

The unchecked pricing crisis in Ghana is a silent but powerful force that is driving many into deeper hardship. By instituting mechanisms to control and justify price increases, the government can take a significant step towards reducing this burden.

Such measures would not only protect the ordinary Ghanaian but also promote a fairer, more transparent market system. The cry of hardship heard across the nation is a call to action; one that demands immediate and decisive intervention to safeguard the welfare of all Ghanaians.

 

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