Accra, Ghana - Recent market surveys reveal a mixed bag of price changes for essential commodities, influenced by the strength of the Ghana Cedi and seasonal shifts. A recent visit by The High Street Journal to Madina and Nima markets in Accra aimed to gauge the current economic climate through the lens of food prices.
Cedi's Influence on Market Stability
Over the past four months, traders have reported a general stabilization in the prices of staples and livestock. This stability is largely attributed to the appreciation of the Ghana Cedi and relatively stable fuel costs. However, seasonal variations and supply chain dynamics continue to play a significant role.
Tomato Prices Plummet Due to Seasonal Abundance
At Madina market, tomato trader Mavis Baffour shared that the price of tomatoes has significantly decreased due to the current season. "Tomatoes are in season, so the price has dropped sharply. Just two months ago, a mini bucket was selling for GH¢150. Today, customers pay about GH¢80. It is better for us and better for them too," she explained.
Onion Prices Surge as Season Ends
Conversely, onion prices have seen a sharp increase. Ibrahim Fuseini, an onion dealer at Nima market, expressed concern over the rising costs. "We are passing the onion season. A bucket that went for GH¢60 in June is now GH¢120. People complain every day, but there is little we can do. When supply reduces, prices rise. It’s that simple," he emphasized.
Livestock Prices Remain Steady
Livestock sellers report a period of unusual stability. According to Abdul Karim Mahama, a coldstore trader at Nima, the price of chicken has remained consistent at around GH¢45 to GH¢50 per pound for several months. "We haven’t changed our prices in a while," he stated. "Feed costs are high, but demand is steady, so we keep the prices consistent."
These fluctuations highlight the complex interplay of factors influencing market prices in Ghana, including currency strength, seasonal availability, and supply chain dynamics.