Esoko Limited, a leading provider of agricultural market information, is pleased to present its latest Market Price Index, detailing significant price trends for key commodities across the country. This comprehensive report highlights the upward trend observed since January this year for several major commodities, offering insights into the causes and potential future price changes. As a trusted source of market intelligence, Esoko remains committed to empowering stakeholders with accurate and timely information to make informed decisions.
Commodity Price Trends
Since the beginning of the year, the prices of various essential commodities have been on an upward trajectory. A closer examination reveals some critical patterns and influencing factors.
Maize (100 KG)
Maize, a staple crop in Ghana used extensively for human consumption and animal feed, particularly in the poultry industry, has shown significant price fluctuations. From January to April, prices gradually increased, followed by a sharp decline between April and May, marking a 13% decrease. This drop was primarily due to farmers selling their produce to prepare for the major crop production season. However, prices have been rising again since May, experiencing a 22% increase, with further hikes expected until the fresh maize harvest in August 2024.
The factors contributing to these price hikes include:
- High cost of inputs
- Increased transportation costs
- Lean season impacts
- Rising demand
- Low supply of commodities
- High post-harvest losses
Other Commodities
Similar trends have been observed for other agricultural commodities, reflecting the broader market dynamics at play. The likelihood of Tomatoes and Yam
Tomatoes (Creates)
Tomatoes have also experienced significant price volatility. From January to March, prices remained relatively stable. However, starting in April, there was a sharp increase of 18% due to high demand coupled with low supply caused by adverse weather conditions affecting production. The price peaked in June, and despite a slight decline in July, the overall trend indicates continued high prices as farmers work to meet market demand.
Factors influencing tomato prices include:
- Weather-related production issues
- Increased transportation costs
- High demand from both local markets and export
- Seasonal supply variations
Yam (100 Tubers)
Yam, another crucial staple in Ghana, has seen a steady increase in prices since the start of the year. The upward trend, marked by a 15% rise from January to April, was driven by high transportation costs and increased demand. Prices spiked further by 20% between May and June due to a supply shortage as the previous season’s stock dwindled and new harvests were yet to reach the market. Expectations are that prices may stabilize with the upcoming harvest season in August, but fluctuations may still occur based on market conditions.
Factors affecting yam prices include:
- High transportation costs
- Increased demand
- Supply shortages
- Seasonal harvest cycles
Esoko Limited continues to monitor and analyze these trends, providing valuable insights to farmers, traders, and policymakers. For more detailed information and to stay updated on the latest market trends, please contact us or visit our website.
Esoko Limited is dedicated to supporting Ghana’s agricultural sector by delivering reliable market information and fostering transparent and efficient market practices. Stay tuned for more updates and insights from Esoko.
For media inquiries, please contact: Yakuba Issah, Marketing & Communications Officer, Esoko Limited, 0548177039, yakuba@esoko.com
