Wobbling Ghana Cedi Affects Prices Of Grains In Wa

Wa, July 16, GNA - Weak performance of the Ghana Cedi against other foreign currencies in Upper West Region has triggered a marginal rise in the prices of maize, millet, wheat and imported rice in the regional capital, Wa.

Buyers and sellers, in a market survey conducted by the Ghana News Agency in the business district of Wa attributed the increases of prices of cereals and grains in the local market largely to the falling Ghana Cedi.

The interbank exchange rate quoted by the Bank of Ghana on Friday indicated that one US$1.00 could be bought at GH¢ 4.6819 and sold at GH¢ 4.6865 while one pound sterling bought at GH¢6.1848, sold at GH¢ 6.1913.

The Euro was being sold at GH¢ 5.4655 and bought at GH¢ 5.4626.

Madam Hanatu Abubakari, a Trader, told the GNA that despite the increases in the prices of grains, the level of demand change was minimal.

'For the prices of polish rice, the increase is as a result of the unsteady prices of the local currency [Ghana Cedi] against other currencies, as they are being imported,' she said: 'The weather conditions, cost of transportation and other economic index are all factors'.

However, some traders said this year's rain pattern had badly affected production which compelled many producers to sell out their stocks while shortage in Techiman also motivated others to transport more grains to the Brong Ahafo business town.

Maize, groundnut and millet are most hardly hit as market observers in the Region say, 'it is not the norm'.

The survey conducted between first two weeks of June and July 2018 showed a bowl of millet was currently being sold at GH¢ 7.00 as against GH¢ 6.00 in June, while a bowl of maize which was GH¢3.50, now go for GH¢ 4.50.

The price of wheat per bowl is sold at GH¢ 22.00, slightly up from GH¢ 200.00 in June with a bowl of soybean being recorded at GH¢ 7.00 in July from GH¢ 69.00.

However, prices of local rice did not see any change as it is still quoted at GH¢ 10.00 per bowl, same as in June.

Meanwhile, 50 kilograms of imported rice was being quoted at GH¢ 180.00 and above as compared to the least price of GH¢ 170.00 quoted in June for the same quantity. Sellers also sold five killograms of imported rice at a minimum of GH¢ 24.00 in June but now peg the price at GH¢ 28.00 and above.

The prices of imported rice varied depending on the brand, quality and country of origin.

GNA