Strengthen Market Regulation to Match Economic Gains — Economist

By: Solomon Nartey Tetteh

Development Economist Dr. Felix Larry Essilfie has  called for stronger market regulation to ensure that Ghana’s improving economic indicators translate into tangible benefits for consumers.

Speaking on The Focus on Zed 101.9FM, Dr. Essilfie stressed that while current economic data may appear encouraging, weak regulatory enforcement is preventing the full impact of those gains from being felt at the market level.

“That does not mean that the indicators we are seeing are lying. It’s because we are failing to regulate the market. I’m not saying government is pausing, but we need to regulate,” he noted.

Dr. Essilfie revealed that he has consistently proposed alternative regulatory models on various platforms, drawing from his experiences abroad.

He noted that Having travelled to China and India, pricing systems that ensure uniformity and transparency in the sale of goods.

He cited the example of Ghana’s meat market, where commodities are sold by weight at fixed prices.

“If you go to buy meat, you buy one kilo, and the one kilo price is set. You don’t negotiate it,” he explained.

According to him, similar structured pricing mechanisms are applied in China and India across various commodities.

While acknowledging improvements in macroeconomic indicators, Dr. Essilfie emphasised the need to focus on qualitative outcomes alongside quantitative gains.

“The quantitative, we are seeing the figures but qualitatively, that will help us see the full impact of whatever we are enjoying in terms of the quantitative effect,” he said.

He stressed that without effective regulation and monitoring, positive figures such as declining inflation or currency stability may not reflect in the daily experiences of consumers, particularly in the pricing of essential goods.

Dr. Essilfie also cautioned against complacency, noting that economic management requires balance. While further improvements in the indicators are possible if current policies are sustained, he warned that extremes can be counterproductive.

“Sometimes too low is also not good, and too high is not good,” he said, referencing the economic principle of equilibrium, the point at which supply and demand balance to ensure stability.

He highlighted that stronger regulatory oversight, combined with sound economic planning, will help Ghana not only achieve positive figures on paper but also deliver measurable improvements in the quality of life for its citizens.