From Kalabule to Buffer Stocks: Why Prices Keep Rising Despite “Low Inflation”

During the late 1970s and early 1980s, Ghana’s markets were in turmoil. Traders hoarded essential goods, black markets thrived, and Jerry John Rawlings’ PNDC regime cracked down with force. Finance Minister Kwesi Botchwey even announced controlled prices for staples like milk and bread, aiming to protect consumers from greed.

Today, the echoes are familiar. Importers often buy foreign currency on the black market rather than from banks, fearing delays and instability. This trickles down to traders, who increase prices not just because costs rise but also out of paranoia of what might come tomorrow.

Some call it greed; others call it survival in a volatile economy. With no buffer stock or government-backed distribution to stabilize essentials, ordinary people face daily uncertainty.

Would a government food distribution system help today? Advocates say it could break the power of hoarders and provide affordable essentials. Critics warn it could fuel inefficiency or corruption.

Conclusion: Ghana has lived this cycle before. From kalabule to today’s inflated market prices, the struggle has always been about trust. Until consumers believe both in government stability and fair trade, food will remain the battleground of the nation’s economic soul.