Rising Inflation: Cabinet considered price control – Osafo-Maafo

Senior Presidential Advisor Yaw Osafo-Maafo has disclosed that cabinet considered the possible introduction of Price Control Policy to put to check the soaring prices of food and goods in the country.

Price control is an economic policy imposed by governments that set minimums (floors) and maximums (ceilings) for the prices of goods and services in order to make them more affordable for consumers.

However, according to him, cabinet rather opted for an evacuation program to ensure that foods are evenly distributed and made available across the country to curb shortages.

“Today Cote D’Ivoire has introduced Price Control by law. In Cote D’Ivoire you can’t buy any quantity of sugar, or milk that you want because there is price control. Cabinet sat on this for a long time but we said no, Ghanaians we don’t believe in Price Control, so instead we should help in the evacuation. If there is plantain in abundance somewhere, the government should help transport it for redistribution so that food would be available everywhere,” Osafo Maafo said in a meeting with some Constituency Executives of the ruling party in Koforidua.

Consumer Price Index (CPI) data released by the Ghana Statistical Service (GSS) on Wednesday, June 8, 2022 stated that inflation in Ghana has climbed to 27.6 percent for the month of May 2022.

Compared to the 23.6 percent recorded in April, this represents a four percentage points jump in the inflation rate. On a monthly basis, inflation however dropped by one percent to a record 4.1 percent in May 2022.

In a leaked tape in possession of Starrfm.com.gh, Osafo Maafo said, the effect of the Covid-19 pandemic, Russia and Ukraine war have been devastating but for the competent management of the economy by President Akufo-Addo, the situation is under control.

He said Ghana’s economy would have crashed if former President John Dramani Mahama was President.

“Akufo-Addo has managed the economy very well, if Mahama was President, the economy would have collapsed. I was in Georgia When the Ukraine war started. Georgia is the next door to Ukraine we never thought the Ukraine war will affect Ghana I never thought of it. Not knowing about 30 to 40% of iron rods we use here are imported from Ukraine, wheat too is imported from there I never knew this,” he said

The Senior Presidential Advisor added "So Ghana is lucky that some things that have happened are happening when Akufo-Addo is President. Many serious crises that collapse economies are happening at the period Akufo-Addo is President. So Ghanaians are lucky President Akufo-Addo is the President else the economic situation would have worsened".