Balancing Profit and Fairness: The Price Control Debate

For as long as I can remember, business have been in existence and are still running because each and everyday, people need goods and services to be rendered to them. The world of business is booming each and everyday because there are always consumers.

And when it comes to business, it’s vast. There are over a million businesses on this earth which are aimed at tackling a solution or providing individuals with the needed services. It’s a never ending cycle which also contributes to boosting the economies of our various countries. I grew up seeing my parents run their businesses on the daily basis and with time, I started to also get involved. By the time I was in high school , I could run my moms provision shop single handedly.

Then, our shop was located in a very busy community with so many other provision shops. But I realised most people came to buy from my moms shop. I once asked her why and she said the only way to keep your customers and stand out in the market is to know what your customers want and give them just that. Her customers needed quality goods at affordable prices and honestly, no one had the best prices like my mom did. Sometimes I got worried she would run at a loss but she was smart and business kept booming.

Here in Ghana, it is said that there’s a price cap on various goods but if I’m to be frank, it’s just in the books. When you step into the real world, everyone does what he what’s because at the end of the day, it’s their business. Just in my community , there are two provision shops located in the same building. Once inflates her prices to about a dollar extra than the other. When you go to town, you get the same goods at about a dollar lower than the cheapest one in my community. Which means that the lady who prices her stuff a dollar higher than the other lady is actually pricing her stuff two dollars above the market price. And obviously, the market price isn’t the same as the wholesale price.

I didn’t know this until I bought from both shops and from the market before it hit me. And as a struggling youth, I always choose the affordable and quality products and so I’d rather always go to town to get my stuff in bulk than get cheated in my community. It even gets worse especially when you visit restaurants or places that appear to look expensive. They literally bill you like you’re Bill Gates.

I don’t know about other countries but here in Ghana , price caps don’t work and the government isn’t even bothered about it and not also putting measures in place to make sure all businesses are providing goods and services at the normal prices and not extra inflated prices. The system is really not working but until when do we have to suffer through this?

all images belong to me.