Commodity trading firm, Esoko has predicted further hikes in prices of foodstuff in the coming weeks despite government’s assurance of adequate supply on the market.
The hike in prices, Esoko explained, is due to the novel coronavirus pandemic in the country.
According to the latest commodity index report by Esoko, with the COVID-19 pandemic and its uncertainties, it is expected that prices will show some upward movement if the lockdown continues.
However, if the lockdown should end soon, prices will drop because consumers would still have stock available for use and this will force traders to reduce prices.
As it stands now, some traders in the capital have increased the prices of foodstuff as they cash in on poor and helpless Ghanaians who have no option than to buy at the newly set prices.
The situation worsened after the President announced a movement in restrictions in parts of Accra and Kumasi for an additional week.
The report revealed that at the end of trading in March, most commodities went up in prices. Fresh cassava gained 7.82% to close at GHC96.50 per bag with yam gaining 7.55% to close the month at GHC667.17.
The average price of a bag of maize gained 3.74% to close the month at GHC138.86. The highest price of GHC203.00 was recorded at Takoradi. The lowest price of GHC95.00 was recorded at Bawku.
The average price for a bag of local rice gained 1.49% to close the month at GHC329.86. The highest price, GHC400, was recorded at Accra and Dambai with the lowest price of GHC252.00 recorded at Tamale.
A crate of tomato gained 7.40% to close the month at GHC665.17. The highest price, GHC840, was recorded at Dambai and the lowest price, GHC450.00, recorded at Kumasi
Source: abcnewsgh.com
