Available reports to Ghana Talks Business from ESOKO Ghana reveal that commodity prices in September will continue in a downward trend.
Commodity Prices at the end of August
As expected, at the end of trading in August, there was a general fall in the prices of commodities.
The price of pona dipped by 9.07 percent to close at GHS 815.50 per 100 tubers with a bag of maize falling by 1.13 percent to close at GHS 162.43. Tomato prices dropped by 41.69 percent to close at GHS 330.50 per crate. The price of gari fell by 6.02percent to close the month at GHS 223.14 per bag with fresh cassava also dipping by 4.12 percent to close at GHS 139.50 per bag.
However, some commodities saw increases in price.
Commodities such as cowpea (beans) increased by 5.83 percent to close at GHS 469.57 with local rice also making an increase of 4.99 to close at GHS 363.57. The increase in price of local rice scene may be attributed to plans of the commodity being traded on the Ghana Commodity Exchange. Soya bean increased by 3.36 percent to close at GHS 286.00 per bag with millet rising by 2.63 percent to close at GHS 256.00 per bag.
Prices to fall in September
According to Esoko Ghana, all other things being equal, general commodity prices will continue to fall since we are still in the harvest season for most commodities grown in the south of the country.
Remaining in the season of harvest means there’s going to be an increase in the supply of major commodities in the market which will drive down prices.
Consumers can therefore expect to pay an average price of GHC8.00 or less for a price of a commodity like pona (a type of yam).
Chart 1.1 Crop Analysis Across Markets
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Data source: Esoko