The Member of Parliament for Nhyiaeso, Dr. Stephen Amoah, has called for a review of Ghana’s economic model, urging the adoption of a mixed market economy as a strategy to address the country’s rising cost of living and improve the welfare of citizens.
Speaking on the floor of Parliament, Dr. Amoah argued that while Ghana’s current free market system has encouraged private sector participation and investment, it has also created conditions that allow monopolies, oligopolies and cartels to dominate certain sectors of the economy, leading to persistently high prices for essential goods and services.
According to the lawmaker, the unchecked influence of dominant market players has placed a significant financial burden on households, making it increasingly difficult for the citizenry to cope with the rising cost of living.
Dr. Amoah stressed that a mixed market economy, which balances private sector participation with effective government regulation, would create a more equitable economic environment.
He said such a system would help promote fair competition, prevent excessive pricing, reduce economic inequalities and improve access to essential goods and services.
He maintained that government intervention in strategic sectors would not undermine private enterprise but rather ensure that market forces operate in the broader interest of consumers and the national economy.
The Nhyiaeso MP also proposed that the appropriate parliamentary committees undertake a comprehensive review of Ghana’s existing economic framework and recommend policy and legislative reforms to strengthen consumer protection.
Among the measures he suggested is the introduction of price cap legislation to prevent excessive pricing of essential commodities, arguing that such safeguards would help cushion consumers against unjustified price increases while ensuring greater market stability.
Dr. Amoah expressed confidence that adopting a balanced economic approach would contribute to a stronger and more resilient economy, enhance consumer confidence and ultimately improve the living standards of Ghanaians.
His remarks come at a time when concerns over the cost of living remain a major issue for many households, with calls growing for policies that can ease the financial pressures facing consumers while sustaining economic growth.
