Most commodities continued their upward trends in the month of July. Cowpea (white) closed the month at GHS 421.86 from GHS 379.71 in June, gaining 11.10%. This makes it the highest gain in price for the month of July. Maize followed with a gain of 9.25% to close at GHS 182.14 per 100 kg bag. Groundnut gained 7.03% to close at GHS 426.57 per bag. Local rice also gained 9.09% to close at GHS 378.00, with Soya gaining less than 6.5% to close at GHS 270.14. Millet, Imported rice and Wheat all made gains of less than 6% to close at GHS 269.29, 335.00 and 251.67 respectively. Tomatoes gained 2.42% to close at GHS 324.00.
Pona, Gari and Cassava dropped in prices. Pona dropped 12.99% to close at GHS 602.67 with Gari dropping by 10.94% to close at GHS 174.43. Cassava dropped by 5.34% to close at GHS 68.00.
All things being equal, in the month of August it is expected that some commodity prices will decline – it is expected that farmers will begin harvesting at this time. These harvested commodities would find their way onto the markets thereby possibly forcing prices down.
The price of tomatoes gained 2.42% contrary to our predictions that the price would drop. It has emerged that although the volume of local tomatoes on the market is high, a significant amount has gone bad while some have rotted on farms due to rains in those areas.
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The average price for a bag of maize gained 9.25% to close the month at GHS 182.14, with the highest price GHS 220 recorded at Kumasi. The lowest price of GHS 135.00 was recorded at Bawku.
The average price for a bag of local rice gained 6.17% to close the month at GHS 368.57. The highest price of GHS 480.00 was recorded at Accra with the lowest price of GHS 328.00 recorded at Tamale.
The average price for a crate of tomato gained 2.42% to close the month at GHS 324.00. The highest price of GHS 490.00 was recorded at Accra and the lowest price of GHS 240.00 was recorded at both Dambai and Tamale.