Business News of 2014-07-12

Commodity prices in marginal increase

Both the retail and wholesale commodity indexes inched up in the week ending July 11, with the wholesale index –EGCI-W- rising by 0.53 per cent and the retail index – EGCI-R- rising by 0.02 per cent.
The EGCI-W closed the week at 22934 points, as compared to 22293 points the previous week, representing a rise of 641 points in absolute terms. The EGCI-R gained 653 points on the previous week’s closing when it closed at 26130 points.
Compared to the closing values for the month of June (value date June 27), market prices have been in steady rise, as the closing values on July 11 represented a rise of 2.54 per cent and 3.4 per cent for EGCI-R and EGCI-W respectively. The Esoko-GNA Commodity Index tracks commodity prices in key markets across the country. The index is calculated based on 12 tracked commodities in seven key markets across the country.
In market trading, the price of yam rose sharply in the Tamale Metropolis following a shortfall in supply of the commodity on July 11, according to GNA Market Watchers, who conduct the weekly survey.
Monitored prices in the two main markets- Aboabo and Tamale Central- showed that the price of the commodity rose to between GH¢5.00 and GH¢7.00 per tuber, when three tubers had traded for GH¢8.00 the previous week. Even though size has a lot to do with the pricing of the commodity, traders however explained that a shortfall in supply had more to do with the price increase this time around.
In some instances, three small tubers sold at GH¢14.00. The price of beans also saw marginal increase, from GH¢7.50 the previous week to GH¢8.50 and groundnuts moved from GH¢7.00 to GH¢7.50. But prices of most commodities in these two main markets in Tamale however remained stable. In Accra, commodity prices in six major markets showed relative stability, compared to market performance in the other regions.
GNA Market Watchers noticed that in the Agbogbloshie, Tema Station, Kaneshie, La market, Madina and Anyaa most of the prices were unchanged from the previous week’s closing. In the Agbogbloshie market for example, the price of commodities such as rice, beans, plantain, yam, groundnut, millet and tomatoes were the same as that of last week.
The price of a bowl of maize, for example, remained at GH¢5.00 while that of groundnut sold at GH¢13.00 The price of a “paint bucket” of tomatoes sold for GH¢18.00 while the price of a bowl of onions sold at GH¢13.00, and beans at GH¢12.00.
The price of a bowl of beans, for instance the “Niger variety”, sold at GH¢12.00, same as last week, while the “Burkina variety” maintained its price at GH¢7.00. The La Market also witnessed stable prices.
A paint bucket of tomatoes in that market sold for GH¢30.00 while a medium sized basket of onions was unchanged at GH¢50.00. A bowl of pepper was sold for GH¢10.00 and a big basket of garden eggs was sold at GH¢90.00.
The price of yam ranged between GH¢5.00 and GH¢9.00, while the price of a bunch of plantain ranged between GH¢15.00 and GH¢30.00. At the Kaneshie market, prices were also fairly stable. A paint rubber of garden eggs maintained its price at GH¢10.00, while a paint rubber of onion sold at GH¢10.00, same as last week.