Business News of 2014-02-08

Commodity prices remain generally stable

A Ghana News Agency (GNA) survey conducted in Accra on Friday showed that market commodity prices have remained generally stable in spite of recent fuel price increases announced by the Government.

There were, however, isolated instances of minor upward price movements in the case of some items in certain locations.

At the La mini market, the prices of millet, beans, yam groundnuts, maize, garden eggs and okro all maintained the previous week’s prices.

Maize and millet which were sold at GH¢ 3 and GH¢ 4 per ‘olonka’ or American tin last week, remained the same on Friday. Groundnuts and beans which went for GH¢ 9 and GH¢ 8 respectively the previous week also saw no change.

A large-size tuber of yam cost between GHc4 and GHc 5, while small tubers went for GHc3. A basket of garden eggs which was sold at GHc10 last week also remained the same.

At the Madina market, however, prices of some foodstuffs changed as compared to last week.

Madam Neema Mohammed, told the GNA that an olonka of Bambara beans which cost GH¢ 8 last week, sold at GH¢ 9 on Friday. She said an olonka of groundnuts which sold at GH¢ 9 last week, now went for GH¢ 10.

Soya beans and millet were sold at GHc3.50 per olonka, but moved up to GH¢ 4 on Friday. A bucket of tomato cost GH¢ 9 this week, as compared to GH¢ 7 last week.

Prices of foodstuff at the Kaneshie market in Accra also remained unchanged as at Friday,

One "olonka" of gari which was sold between GH¢ 3 and GH¢ 3.50p before the recent fuel price increase remained unchanged on Friday, while a five kilo bag of "Gino" perfumed rice is still sold at GH¢ 22, while a five kilo bag of "Uncle Sam Rice" went for GH¢ 20, same as last week.

A medium size of smoked salmon fish sold at GHc5 while five pieces of small smoked herrings sold at Gh¢ 2.

Three pieces of ripe plantain were sold at GH¢ 2, while four pieces of unripe plantain were also sold at GH¢ 2. A small bucket of tomatoes went for GH¢ 5.00 and GH¢ 4.00 depending on their sizes.

Most of the traders the GNA spoke to complained of low sales but expressed the that better days would come.

Prices of some food items at the Makola market also remained stable while others saw a marginal increase on Friday, as compared to last week.

Commodities such as yam, kontonmire, okro, garden eggs and pepper have maintained last week’s levels, while the price of tomatoes saw a slight increase.

Madam Elizabeth Owusu, a yam seller, told the GNA that big tubers which were sold for GH¢ 5 a piece still maintained the same price, while the smaller tubers went for GH¢ 3.

She explained that the demand for yam was declining because it was now expensive, adding that the price will reduce when the new yam season arrived.

Ms Victoria Armah, a tomato seller, said the price of a bucket of tomatoes had increased from GH¢ 6 the previous week to GH¢ 7 on Friday.

She said even though the price had recorded a slight increase, demand for the commodity was high because tomatoes were used in the preparation of most meals.