Food prices likely to drop by end of August – Esoko Ghana

After several weeks of increases in food prices on the market, consumers should expect some stability and price reductions by the end of this month, August 2021.

This prediction was made by commodity analyst, Esoko Ghana.

The consistent increases in food prices over the past weeks have left many households and businesses worried.

In an interview with Citi Business News, Content Manager at Esoko Ghana, Francis Danso-Adje said: “As we approach the end of this month August and early September, food prices will begin to come down because food production cycle in the southern part of the country would have been complete, and the produce will start hitting the markets in the capital city which will bring food prices down”.

He added that government should invest in irrigation systems and storage facilities to ensure that there is food supply of all the major commodities all year round.

We have to try and produce all year round, which means investing in irrigation and some other forms of technology like green housing. Again, with our way of storing food, we need to do something about it–what happens to the produce once they come onto the market. The ones that we do not consume immediately, we need to either process them or keep them in a form that we can use later on,” he advised.

Current prices of foodstuff

According to Esoko Ghana, a 91kg bag of cassava which was selling for GHS206 as of 21st January in Takoradi, shot up to GHS247.50 by July 21, 2021.

In Tamale, it increased from GHS185 to GHS226 within the same period.

Meanwhile, a 100kg bag of maize sold for GHS234 as of January in Takoradi shot up to GHS420 by July 2021. It recorded an increase from GHS190 to GHS294 in Tamale, while it increased from GHS191 to GHS301 in Techiman.

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In Tamale, local rice increased from GHS415 to GHS450, while in Techiman the product recorded a significant increase from GHS397 in January to GHS904 in July.

The price of a hundred tubers of yam weighing 250 kg sold for GHS797 in January, as of July is now selling for GHS956 in Takoradi.

Despite these developments, there have been some marginal reductions. In Tamale, the price of a hundred tubers of yam reduced from GHS850 to GHS813 between January and July.

For local rice, a 100kg bag sold for GHS304 in January in Takoradi, recorded a reduction by July, and now selling at GHS285.

A 91kg bag of cassava in Techiman recorded a slight decrease of GHS2 from GHS182 to GHS180 in the period under review.

Meanwhile, in Takoradi a 50 kg bag of imported rice was selling at GHS329 in January but came down to GHS324 by July. In Techiman a 50kg bag of rice recorded a reduction from GHS380 in January to GHS372 by July 2021.