News:
July 21, 2026
A member of Ghana’s parliament is calling for a radical overhaul of the country’s economic framework, arguing that decades of free-market policies have failed the average citizen.
Dr. Stephen Amoah, Member of Parliament for Nhyiaeso Constituency, presented a statement on the floor of Parliament today urging the government to transition from a free market economy to a mixed market system.
“The call for this new paradigm shift has been necessitated by decades of high cost of living and low standard of living,” Dr. Amoah stated, addressing the Speaker. He argued that the current system has held back the expected utility and satisfaction of Ghanaians.
Breaking Down the Economic Models
In his address, the MP broke down the three types of market economies:
· Controlled Economy: Government determines availability, distribution, and pricing. Dr. Amoah described this as “obsolete” among developed democracies.
· Free Market Economy: Prices and production are determined solely by supply and demand with no state intervention. While it entrenches property rights, Dr. Amoah warned it leaves the public vulnerable to exploitation.
· Mixed Market Economy: Combines elements of both systems to achieve optimal socioeconomic output and restrict financial disparity.
The Case Against “Absolute” Free Markets
Dr. Amoah asserted that Ghana is currently operating a “purely and practically” free market system. He warned that without regulation, the system encourages profiteering through monopolies, oligopolies, and cartels.
“Monopoly is where only one person or one corporation remains the main source of supply… This can have an adverse impact on the economy, especially when such products are in high demand,” he explained. He noted that these practices restrict supply to create artificial scarcity, allowing for outrageous pricing that ripples through the economy.
The MP highlighted that these factors are riskiest when they affect the supply of essential goods, such as medicines and nutritional substances, resulting in a high cost of living and a low standard of living.
Learning from Global Peers
To support his proposal, Dr. Amoah pointed to successful modern economies that utilize mixed-market systems.
“Most modern economies have adopted and have been operating mixed market economies, especially the United Kingdom, the United States of America, and Germany,” he noted.
Proposed Solutions and Next Steps
The MP is asking Parliament’s relevant committees to investigate the feasibility of a policy shift. His immediate proposal includes the introduction of a price cap law or policy to combat exorbitant charges by monopolies and cartels.
Furthermore, Dr. Amoah called for executive and legislative attention to other fiscal issues, including inflation-targeted monetary policy, fiscal anchors, and strategies to manage exchange rate volatility.
“I suggest that the relevant committees in Parliament should further look into it and advise the appropriate body for necessary steps to be taken—either a new bill or a specific policy framework by the executive arm to realize this policy shift,” he concluded.
Ghanamps.com