Average commodity prices fall

Prices of commodities in the major marketing centres across the country are either on the decline or stable in the week to Friday as the harvest season sets in, the Esoko-GNA weekly survey has shown

The average price of most commodities captured under the Esoko-GNA Commodity Index (EGCI) fell in the week to August 23. The EGCI-W, which tracks prices at the wholesale level, registered 296 points drop, closing the week at 21004 points.

EGCI-R, which tracks prices at the retail level closed the week at 17717 points, registering a drop of 483 points from the previous week’s close.

Monitored prices on August 23 showed significant price decreases in most commodities in Tamale compared with the same period the previous week, while there was stability in Koforidua and Accra market centres.

In fact, the retail price index has been on the decline in the past two weeks, reflecting the arrival of new produce onto the market from the current harvesting period.

Market watchers are of the view that with the new stock of tubers and grains especially reaching the main markets in recent weeks, prices should be fairly stable.

In the two main markets in the Tamale Metropolis, Tamale Central and Aboabo, prices of almost all local commodities fell from last week’s levels, a trend the traders attributed to the harvesting season.

For example the price of pepper fell to GH¢5.00 per bowl on August 23, from GH¢6.00 while beans dropped to GH¢5.00 from GH¢7.00. On the other hand, the price of tomatoes increased marginally to GH¢10.00 from GH¢ 9.00 at the previous week’s close.

The price of four tubers of yam decreased from GH¢10.00 last week to GH¢6.00. The prices of millet, wheat and soya beans remained stable, selling at last week’s prices.

At the Koforidua Central Market, commodity prices remained unchanged.

Prices of foodstuffs, such as cassava, cocoyam, okro, onion, tomatoes, plantain, yam, garden eggs, smoked fish, tilapia, and gari, among others were maintained.

A bowl of tomatoes is being sold at GH¢10.00, a bunch of plantain GH¢20.00 and a pack of Onion for GH¢5.00.

A tuber of yam is being sold between GH¢3.00 and GH¢5.00, depending on the size.

In Accra, the survey conducted at the Nima, Mamobi, Adabraka, Makola and Madina markets revealed that prices of foodstuffs were relatively stable as there was no major movements.

The market players attributed the stability to steady supplies.

The survey revealed that the prices of a bowl of tomatoes was unchanged at GH¢10.00 whiles a bowl of beans sold for GH¢7.00 and groundnuts for GH¢9.00.

Three tubers of yam are being sold at GH¢5.00 and four fingers of plantain sold at GH¢5.00.

At the Madina Market, prices of most commodities remained stable except onion which saw a slight increase.

The price of a bowl of onion rose to GH¢15.00 up from GH¢10.00 the previous week, a trend the traders said was due to supply constraints.

Tomatoes is being sold at GH¢10.00, pepper GH¢ 5.00, Beans GH¢8.00 and Ground nut GH¢8.00 unchanged from last week’s prices.

Three tubers of yam are being sold for GH¢10.00 while three fingers of plantain go for GH¢ 2.00 for five going for GH¢ 4.00 this week.

At the Adabraka market, the prices of oil also remained same. A 10-litre gallon of oil is being sold for GH¢35.00, 5-litres GH¢18.00, 2-litres GH¢9.00. A paint bucket of tomatoes is being sold for GH¢10.00.

All the prices were unchanged from their previous close last week.