Market prices remain fairly stable

Following weeks of relative price stability culminating into falling inflationary rate in the economy, market prices of agricultural commodities in the week to September 24 remained stable, with most of the Esoko monitored markets all registering marginal price increases.

After registering a 58 percentage price increase in wholesale and 25 per cent retail price increase the previous week in the Techiman market, the price of white maize seems to have settled at 0.40 pesewas a kilo in wholesale and 0.38 a kilo in retail trading in the market. However, whereas the wholesale price had maintained the same price in trading, as what pertained the previous week, the retail price inched up by 0.03 pesewas.

“The price has remained stable because the market seems to have adjusted to the demand and supply conditions of the grain”, Esoko market watchers commented.

Hohoe market still has the highest price for wheat, with the grain sold at GHC3.50 a kilo. Wheat price fluctuation seems to be a worry. The commodity trades for 0.79 pesewas in the Tamale market at the retail level, but in most markets, the average price is GHC2.25 a kilo in retail, with the Hohoe market registering GHC3.50 a kilo. Wholesale price averages GHC1.97 a kilo.

Esoko market watchers have reported a shortage of the commodity in the Hohoe market, with a notable absence of wholesale trading in the commodity.

“What seems to be happening in the wheat market in Hohoe is that traders are buying for retailing from most other markets across the country, with no notable trader stocking the product here in this market at this stage”, Esoko market watchers reported from the Hohoe market.

The price of tomatoes which had also experienced massive drop four weeks ago due to the early arrival of the produce onto the market, especially in the Volta region seems to have stabilsed in the last two weeks. The week to September 24 saw the commodity trading at an average price of 0.91 pesewas a kilo in wholesale trading and GHC1.25 a kilo in retail trading for the markets and commodities covered by Esoko. Tamale had the lowest price per kilo, with a retail price of 0.41 pesewas and a wholesale price of 0.40 a kilo.

A cursory look at all the average prices for covered Esoko Commodity Index commodities and markets show that wheat prices are high in the country currently with imported price also relatively high compared to the prices of the other commodities.