Over the past eight years, Ghana’s economy has endured severe challenges: double-digit inflation, reckless borrowing, unprecedented Cedi depreciation, frequent fuel price hikes, and burdensome taxes. These conditions drove up the cost of living, inflating prices for basic goods and services, including transport fares. The economic hardship, largely attributed to the mismanagement of the Nana Addo and Dr. Bawumia administration, left no sector unscathed.
During this period, Nana Addo’s regime and its tyrannical cabals employed mafia-like tactics to suppress transport drivers’ attempts to raise fares in response to rising costs. As a staunch advocate of free markets, I recognized this as an attempt to use political power to distort the invisible hand of the market. At the YAFO Institute, we supported the drivers, issuing a press statement defending their right to adjust fares in line with economic realities.
Today, the situation has reversed. Since January, fuel prices have dropped, vehicle insurance taxes have been scrapped, and the Cedi is appreciating against the dollar. These positive economic indicators should naturally lead to lower transport fares, as the market seeks equilibrium. Yet, many drivers are reluctant to reduce their fares, clinging to higher rates despite improved conditions.
In response, Metropolitan, Municipal, and District Assemblies (MMDAs) and transport unions have resorted to coercive measures to force drivers to lower their prices. This is unacceptable. Coercion has no place in a free market. Divine Economic Theory teaches that markets naturally find equilibrium when left unhindered. The Ghanaian driver, embodying our nation’s resilient spirit, should respond to these economic signals voluntarily—not under duress.
The market operates independently of political power. Mismanaging the economy leads to price increases to absorb the fallout, but sound economic management should be reflected in lower costs of living, including transport fares. Drivers must act responsibly and adjust their fares to align with current economic conditions, not wait for external pressure. The danger of coercion is clear: it emboldens government overreach, threatening the freedom of individuals to set their own prices. This is a slippery slope toward eroding personal liberties—a scenario we must reject outright.
Drivers, do the needful. Respond to the market’s signals and reduce fares voluntarily. Let us protect the sanctity of the free market and safeguard our economic freedom. God forbid a future where the state dictates the price of your labor!
Anokwa!
Freedom is Important
Liberty Lovers
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