Accra: Economist Samuel Worlanyo Mensah has indicated that the recent appreciation of the Ghana Cedi and a reduction in fuel prices are unlikely to result in a corresponding decrease in the prices of goods due to the country’s manual approach to economic management. Dr. Mensah emphasized that until Ghana adopts an automated economic analysis and decision-making system, changes in macroeconomic indicators would not automatically benefit ordinary Ghanaians.
According to Ghana News Agency, Dr. Mensah explained in an interview that Ghana’s current economic structure does not allow for seamless price adjustments in response to positive economic developments. He noted that while the strengthening of the cedi and dropping fuel prices are positive, they do not guarantee a reduction in the cost of living.
Dr. Mensah highlighted that the lack of automation in economic processes is a significant barrier. He stated that the manual dimensions involved, particularly in setting transport fares, prevent immediate reductions. The Ghana Private Road Transport Union (GPRTU) determines fares through consultations and calculations rather than using automated pricing models, which contributes to the delay in lowering transport costs even when fuel prices fall.
He advised Ghanaians to adjust their expectations, suggesting that they should anticipate a period of stability rather than immediate reductions in prices. Dr. Mensah remarked that stability could lead to improvements in the standard of living.
In the meantime, some commuters in Nungua and Tema have expressed dissatisfaction with the stagnation of transport fares despite the drop in fuel prices. Mr. Asare Nyako, a civil servant, mentioned that his daily transport costs remain unchanged at nearly GHC26, despite reports of decreasing fuel prices. He expressed surprise at the lack of public outcry and urged action to address the issue.
