The price of local rice decreased significantly in the week to October 15, with the retail price of the commodity dropping by 41 per cent and wholesale price by 31 per cent. The price per kilo changed from the previous week’s most quoted price of GHC1.24 a kilo in wholesale to GHC0.85 and GHC1.50 a kilo in retail last week, to GHC0.88 a kilo. The retail average price for local price, which is calculated based on the seven markets, 12 commodities Esoko Ghana Commodity Index (EGCI) was GHC1.11 a kilo. Hohoe had the highest price per kilo of GHC1.60 with Tamale the lowest price of GHC0.61, all in retail trading.
Compared to imported rice, local rice is cheaper on the Ghanaian market. The average price in retail trading for imported rice is GHC1.72, with Kumasi and Hohoe with the highest price of GHC2.00 a kilo. Even though local rice is relatively cheaper, the high interest of consumers in imported rice has not made them to alter their demand pattern, by shifting to local rice. It is estimated that the country spends more than USD$500 million annually on imported rice alone. Agronomists and other policy analysts believe that if demand and taste patterns should shift towards more demand for local rice, the country could save millions in foreign exchange.
Already, the much improved agricultural production in the country has contributed significantly to the stabilisation of the local currency- the cedi; and also the record fall of inflation rate in the country. The month of September saw a further decline in the rate of increase in prices, which is attributed to good agricultural production in the country.
Esoko market watchers have also reported relative price stability, with some few exceptions. “In most cases where prices have had to go up, it has never been highly significant”, Esoko market watchers reported, reflecting the generally slow rate of inflation in the country.
Esoko has market enumerators reporting price information from 31 markets, which includes two livestock. Currently, enumerators report on prices of more than sixty commodities. Esoko covered market has a regional balance, with 12 markets covered in the northern part of the country, and 19 in the south.
The Esoko Ghana Commodity Index-Retail (EGCI-R) closed the week at 2339.20, with the Esoko Ghana Commodity Index-Wholesale (EGCI-W) closing the week at 984.59.
