Economist Samuel Worlanyo Mensah has cautioned that the recent appreciation of the Ghana Cedi and reduction in fuel prices are unlikely to lead to lower prices for goods. In an interview with the Ghana News Agency on May 7, 2025, he emphasized that Ghana’s manual approach to economic management hinders immediate price adjustments. Mensah explained that the country’s economic structure does not facilitate seamless responses to positive macroeconomic changes. He noted that while the strengthening Cedi and falling fuel prices are positive, they do not guarantee a decrease in living costs. The Ghana Private Road Transport Union determines transport fares manually, delaying fare reductions despite lower fuel prices. He advised Ghanaians to expect stability rather than immediate reductions in prices, suggesting that stability can ultimately improve living standards. Commuters in areas like Nungua and Tema have expressed frustration over unchanged transport fares despite lower pump prices, highlighting the disconnect between fuel costs and everyday expenses. Civil servant Asare Nyako voiced concerns about spending on transport without seeing any financial relief, calling for action to address the issue.
SOURCE: Ghana Web