Food prices projected to drop by more than 50% in the coming months - Bryan Acheampong

The Minister for Food and Agriculture, Dr. Bryan Acheampong, says he expects food prices across various markets to decline by more than 50 percent in the coming months.

He made this projection on the back of the government’s measures aimed at addressing food production efforts while providing the necessary cushion for farmers particularly affected by the ongoing dry spell, which has impacted food security.

“Because of this, we are expecting prices to go down up to April next year [2025], and this is based on verifiable data at the Agric Ministry. We are beginning to see the results of prices of some foodstuffs going down around March and April this year,” Dr. Acheampong said during an interview on Accra-based JoyNews on October 10, 2024.

Additionally, the sector minister mentioned that the government supplied about 200,000 metric tonnes of fertilizer to farmers to contain the dry spell and boost farm produce.

“Government is also working to invest about $80 million worth of inputs into the market that will help keep prices at some very low levels going forward,” he added.

Throughout the year, the surge in food prices, coupled with severe weather conditions, has resulted in food price hikes and hoarding across markets, thereby imposing inflationary pressures.

The impact of the severe dry spell affecting the northern parts of Ghana forced the government to impose a ban on the export of grains, including rice, maize, corn, and soy.

The ban was enacted to prevent a potential food shortage caused by drought-induced crop failures.

MA

Watch the latest edition of BizTech below:

Ghana’s leading digital news platform, GhanaWeb, in conjunction with the Korle-Bu Teaching Hospital, is embarking on an aggressive campaign which is geared towards ensuring that parliament passes comprehensive legislation to guide organ harvesting, organ donation, and organ transplantation in the country.

Click here to follow the GhanaWeb Business WhatsApp channel