Economist Samuel Worlanyo Mensah says the recent appreciation of the Ghana Cedi and reduction in fuel prices may not lead to a corresponding drop in the prices of goods due to the country’s manual approach to economic management.
Dr. Mensah stated that until Ghana adopts an automated economic analysis and decision-making system, such changes in macroeconomic indicators would not automatically reflect in the daily lives of ordinary Ghanaians.
He told the Ghana News Agency (GNA) in an interview that the structure of Ghana’s economy does not support seamless price adjustments in response to positive economic indicators.
“While the strengthening of the Cedi and the falling fuel prices are commendable developments, that alone cannot guarantee a reduction in the cost of living,” said Dr. Mensah, who is also a cleric.
He added: “We have not re-profiled the economy for automation, and there are manual dimensions involved in price reductions, especially in transport fares.”
Dr. Mensah explained that because the Ghana Private Road Transport Union (GPRTU) determines transport fares manually through consultations and calculations—rather than through automated pricing models—this process delays the expected fare reductions, even when fuel prices decrease.
He urged Ghanaians not to expect immediate reductions in the prices of goods and services, but rather to anticipate a period of stability. “Our expectations should be stability instead of reduction, because stability also leads to improvement in our standard of living,” he noted.
Meanwhile, some commuters in Nungua and Tema have expressed frustration that the reduction in pump prices has yet to translate into lower transport fares.
“I spend nearly GHC26 on transport daily, and this has not changed even though we hear fuel prices are decreasing. I am surprised we’re all quiet about it, but something must be done,” said Asare Nyako, a civil servant.