Esoko explained that the surge in prices is due to the 10 percent increase in transport fares.
The Ghana Private Road Transport Union (GPRTU) and the Ghana Road Transport Coordinating Council announced a 10% increase in transport fares which took effect on Monday (September 16, 2019).
They explained that the increase is to accommodate an increase in fuel prices. Transport fares were last increased by the GPRTU in April 2017 by 15 percent.
The increase is expected to cover intra-city travel commonly called trotro, intercity or long-distance travels and shared taxis.
The Content Manager at Esoko Ghana, Francis Danso Adjei, explained that the prices of food should have reduced around this time of the year since foodstuff is being harvested.
However, with the current increase in transportation prices, foodstuff is likely to go up within the next week or two.
“It must also be noted that around this time are periods we expect commodity prices to drop because farmers are harvesting. So it is going to be interesting how traders are going to respond and prices are going to respond to these changes,” he explained.
Adding that, “By the close of this week we will start picking signals from the market on how traders would want to respond to the increases.”
Esoko is not certain by what percentage prices could shoot up yet. But Mr. Danso Adjei is confident traders will ensure they do not run at a loss by the increase.