Commodity Analyst, Esoko Ghana, has said the prices of some foodstuffs are likely to see a further reduction in the month of September.
It attributes this to the current harvest season for majority of commodities which are grown down south of the country. It says these foodstuffs will increase the volumes supplied to the market and force prices to fall.
At the end of trading in the month of August, there was a general drop in commodity prices. Tomato prices plunged by 41.69 percent to close at GHS 330.50 per crate. Pona (Yam variety) followed with a drop of 9.07 percent to close at GHS 815.50 per 100 tubers of yam.
The price of Gari reduced by 6.02 percent to close the month at GHS 223.14 per bag with fresh cassava also losing 4.12 percent to close at GHS 139.50 per bag. A bag of maize lost 1.13 percent to close at GHS 162.43.
Some commodities however made gains. Cowpea gained 5.83 percent to close at GHS 469.57 with local rice also making a gain of 4.99 to close at GHS 363.57. Soya gained 3.36 percent to close at GHS 286.00 per bag with millet gaining 2.63 percent to close at GHS 256.00 per bag. All things being equal, it is expected that commodity prices will continue to fall.
In an interview with Citi Business News, Content Manager at Esoko Ghana, Francis Danso Adjei, explained the decline in prices
“What we stated in the report is that we have just entered the harvesting period and that will run all the way to November and so the volumes that will come onto the market will result in a lot of increases. So when you match the demand there is always going to be an excess and so that is going to force prices to drop on the market and reduce the prices that we purchase our commodities for”.
Meanwhile, the highest price for a bag of maize was GHS200.00, recorded at Dambai. The lowest price of GHS 110.00 was recorded at Bawku.
It is expected that the price of the commodity will continue to fall further as more is supplied to the market.
Also, the highest price for a bag of rice was GHS 460.00 recorded at Dambai; with the lowest price of GHS 300 recorded at Takoradi. Prices will begin to fall when major producing areas harvest and supply the market.
The highest price recorded for a crate of tomatoes was GHS 460 in Accra; while the lowest price of GHS 120.00 was recorded at Kumasi. The price of the commodity continues to fluctuate on the market.