Food prices dropped by 3.9% in the third quarter according to Esoko Ghana

Esoko Ghana has indicated that the prices of foodstuff on the market have reduced by 3.9 percent for the third quarter of the year.

Makola Market in Accra

The commodity analyst in Ghana said the decline does not come as a surprise since the period is the harvesting season.

The third quarter of the year is when most farmers in Ghana harvest their produce. Usually, it is expected that because the perishable foods are in abundance and therefore sold at reduced prices.

However, many thought food prices will go up considering that transport fares were increased by 10% in the same quarter. It was expected that traders will adjust prices to avoid losses.

Content Manager at Esoko Ghana, Francis Danso Adjei said “In quarter three we realize that on the average prices have declined by 3.9 percent for all commodities we report on regular bases. This is because we are in the season of harvesting most of the commodities planted within this period. So it is not surprising that prices are actually declining.”

For example at the beginning of the third quarter, a medium-sized paint container filled with tomatoes was sold at GHC30. By the end of the quarter, it was sold at GHC15 for the same quantity.

However, Mr Danso Adjei said that the prices will definitely increase in the fourth quarter especially because the festive season is approaching.

“Definitely within the fourth quarter we are expecting prices to go up across the board because we will be entering into December which is a festive month so prices will begin to move up” he stated.

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