Government has lost control of the economy – Gibril asserts

Communication team member of the National Democratic Congress (NDC), Mahdi Gibril, says the mere discussion of the possible introduction of a price control measure proves that government has lost control over the country’s economy.

According to him, the government New Patriotic Party (NPP), will now have to admit to Ghanaians they have failed in managing the economy.

“The NPP has lost control in the economic management sector. The blame is no more on COVID-19 or Russia as the reality has now set in,” he shared in a panel discussion with Don Kwabena Prah on Happy98.9FM’s ‘Epa Hoa Daben’ political talk show.

Year-on-year inflation at the beginning of 2022 was around 12.7 percent, now, the inflation rate for April which did not account for the recent increase in transport fares by 20 per cent, is 23.6 percent.

The prices of staple foods have doubled and that of fuel prices have increased more than five times. In January 2022, the cost of fuel increased from Gh₵ 6.90 to Gh₵ 7.42. In February, the prices increased from Gh₵ 7.42 to Gh₵ 7.99. In March, the prices increased twice, first to Gh₵ 8.29 and to Gh₵ 8.49. it then increased again to over Gh₵ 9 and currently, diesel sells at Gh₵ 11.24 and petrol Gh₵ 9.80.

With these challenges facing Ghanaians, a leading member of the NPP, Gabby Otchere-Darko has revealed the government considered introducing price control mechanisms to stop the recent increases in prices of goods and services in the country.

A tweet he shared on Monday, May 30, 2022 read; “Should Ghana re-introduce price controls in an attempt to curb rising costs of goods and services? Cabinet, I am told, has so far rejected that option. History tells us that price controls have been unmitigated disaster in Ghana. But, it may sound sexy again as inflation reigns.”