Key commodities see significant price hikes in Ghana

Esoko Limited, a leading provider of agricultural market information, has released its latest Market Price Index, revealing substantial price trends for essential commodities in Ghana.

The report shows a consistent upward trajectory in prices since January 2024, with significant fluctuations in key staples like maize, tomatoes, and yam.

An Esoko Market Price Index made available to the Communication for Development and Advocacy (CDA Consult), [email protected], which is a development communication advocacy non-governmental organization based in Tema, Ghana, through Mr. Yakuba Issah, Esoko, Communication and Marketing Office, has revealed.

According to the report, maize, a critical crop for human consumption and animal feed, has experienced notable price volatility. Following a gradual increase from January to April, prices dropped by 13 percent in May as farmers sold their produce to prepare for the major crop production season.

However, prices have risen by 22 percent since May and are expected to continue increasing until the fresh maize harvest in August 2024. Factors contributing to these price hikes include high input costs, increased transportation costs, lean season impacts, rising demand, low supply, and high post-harvest losses.

The report identified similar price trends for tomatoes and yams. Tomatoes and yams have also seen significant price increases. Tomato prices rose by 18 percent in April due to high demand and low supply caused by adverse weather conditions. Despite a slight decline in July, prices are expected to remain high as farmers work to meet market demand.

Yam prices have steadily increased since January, with a 15 percent rise driven by high transportation costs and increased demand. Prices spiked further by 20 percent between May and June due to supply shortages, but expectations are that prices may stabilize with the upcoming harvest season in August.

Esoko Limited remains dedicated to empowering stakeholders with accurate and timely information to make informed decisions. The company continues to monitor and analyze market trends, providing valuable insights to farmers, traders, and policymakers.

By supporting Ghana's agricultural sector with reliable market information, Esoko Limited fosters transparent and efficient market practices.