Regulation needed to check high prices of goods – Spio-Garbrah

A former Minister of Trade and Industry, Dr. Ekwow Spio-Garbrah is calling for the introduction of price control institutions to regulate the pricing of goods and services in the country.

His comment comes after heightened calls for a reduction in the prices of goods and services after the cedi appreciated against the dollar.

Speaking to Citi News, Ekwow Spio-Garbrah said a price-regulated environment will help curb the insensitive profiteering by some traders.

“There are things about our country that do not make prices of goods stable and give people a free for all environment. Anybody can sell anything to you at any price. It doesn’t happen in many countries. Those are regulated environments some of which we must introduce to curb astronomical increases in prices which we don’t seem to have control over.”

The Ghana cedi gained some significant strength against the US dollar with prices of fuel also recording substantial reduction.

Already, President Akufo-Addo has also appealed to the business community to reduce the prices.

In view of this, President Akufo-Addo said, it is just fair for prices of goods and services to be reduced, taking into consideration, the gains the cedi is recording.

“I add my voice to those of GUTA, GRTCC and others, to appeal to manufacturers, traders and transport operators, that with the height of the cedi’s recent depreciation and increased prices of goods and services, to reduce their prices of goods and services now that the cedi is regaining much of its strength. I believe this is not only a fair request but also a just one.”