Communication Team Member of the New Patriotic Party (NPP), Kafui Amegah, has advised the government against introducing price control measures in the bid to save the economy.
According to him, the introduction of the policy will completely destroy the country’s economy and not otherwise. In a panel discussion with Don Kwabena Prah on Happy98.9FM’s ‘Epa Hoa Daben’ political talk show, Mr. Amegah, said, “Price control can bring about hoarding. If the price control measure is introduced, people will buy products at cheap prices, keep them at warehouses and when their prices soar, they bring them out for sale. Price control measures will rather collapse the economy.”
To him, the price control measure will worsen the economic situation in Ghana as the poor in society will not be able to afford anything. “We shouldn’t even dream of encouraging this,” he stated.
The term “price controls” refers to the legal minimum or maximum prices set for specified goods. Price controls are normally mandated by the government in the free market.
They are usually implemented as a means of direct economic intervention to manage the affordability of certain goods and services, including rent, gasoline, and food.
Although it may make certain goods and services more affordable, price controls can often lead to disruptions in the market, losses for producers, and a noticeable change in quality.
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