Commodity Prices Set To Rise In Last Quarter

Market PixA survey conducted by the market monitoring team of the Ghana News Agency (GNA) has revealed that prices of commodities could rise in the last quarter of the year amidst fear that this year’s rain pattern has been abysmal, consequently affecting yields in some of the food growing areas of the country.

Esoko market watchers opined that market players, mostly in Techiman and Tamale have complained that the available stock levels of most grains and tubers have failed to match their expectations.

For instance, yam in particular continues to command high prices because farmers have not released their produce to the market on time.

“Normally you will have some of the old stock of yam in the market but this year it has not been so. The general feeling is that the rain pattern had not been favourable to the farmers, affecting their yield.

There are still some farming activities going on so, hopefully, the situation should even out in the end. But as things stand, it does not look favourable so it is for this reason that there is so much fear that prices could rise”, Esoko market watchers said.

Current prices in the monitored markets across the country do not however depict a general rising trend, except for a few commodities.
The Esoko-GNA Commodity Index closed the week ending,  August 9 at 19300 points at the wholesale level –EGCI-W- and 21300 points at the retail level- EGCI-R.

In the previous week, the index had closed at 18500 points and 21400 points respectively. The retail index rise is due to dwindling stock levels for most of the commodities monitored, but because the stock available for retail seems sufficient, the market index was fairly stable, week-on-week, at the retail level.

The following price trend was witnessed in the various markets: At the Takoradi market, prices of some commodities saw upward movements.

For example, because of increased supply to the market, the price of vegetables, including cabbage and carrots fell. A full bag of cabbage, which sold for GH¢120.00 the previous week, sold for GH¢80 in the week under review, while a bag of carrots sold for GH¢100, down from GH¢120 the previous week.

Also, 100 tubers of yam, which sold for GH¢500 the previous week sold for GH¢ 400 for the same quantity. Market watchers attribute the price drop to the increased supply due to the arrival of new harvests.

However, this price increase is expected to be temporary. The price of a bag of green pepper increased to GH¢150 compared with GH¢100 for the same quantity the previous week and a bag of garden eggs rose to GH¢ 80 from GH¢40 from the previous week. The huge price jump is also due to the shortage of the commodity in the market.

Other items that saw price jumps were:  onion closing the week at GH¢370 from GH¢350 the previous week and a bowl of pepper, which went up to GH¢30 from GH¢10 the previous week.

Commodities such as plantain, cassava, maize and millet were stable at last week’s prices. In Accra markets, that included Makola, Madina, Tema Station and Tudu markets, prices of commodities were broadly stable.

At the Madina Market, where a paint rubber container is used to measure tomatoes, the Navrongo variety, sold between GH¢10 and GH¢12, while the other varieties went for between GH¢8 and GH¢ 10.

Four big sized onions sold for GH¢5 while five small-sized onions sold for GH¢2. Tuna (big fish) sold for between GH¢8 and GH¢15, while three pieces of medium sized smoked herring sold for GH¢2.00.

A small sized tuber of yam sold for GH¢ 2, with large sized tuber of yam selling for between GH¢ 3 and GH¢ 5.—GNA

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