Business News of 2014-06-11

Food prices increase in Tamale

Prices of food commodities especially cereals and grains have gone up in the Northern Regional capital, Tamale. This has compelled restaurant and chop bar operators to increase the prices of meals they sell.

A bag of maize which was sold at GHC75 a fortnight ago is now GHC90. A bag of groundnut sold the previous week at GHC28 is now selling at GHC36. A bag of millet sold the previous week at GHC80 is now selling at GHC100. Citi Business News visited the main Aboabo Market in Tamale where cereals and grains are sold in large quantities.

Some of the frustrated retailers including Habib Baako and Alhassan Sakpedoo bemoaned the situation and said business was down. They said customers were alarmed by the price hikes but attributed it to the shortfalls in the rains.

The entire Northern Region is likely to experience drought this year because the rains are not forthcoming as expected.

Large scale farmers around Gushiegu, Karaga, Savelugu, Nanton and other parts of the Northern Region are likely to suffer losses this year if there no rains in the coming days.

The nation’s food security could be in jeopardy since the north is considered as the food basket of the country.