Esoko Ghana predicts drop in prices of foodstuffs in August
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Esoko Ghana predicts drop in prices of foodstuffs in August

- Esoko Ghana has predicted that prices of commodities in the country are likely to fall in the month of August

- This follows the easing of COVID-19 related restrictions and the rains that fell in the first half of the year

- In July, there were significant reductions in the prices of commodities on the market

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Ghanaians are likely to pay less for foodstuffs in the month of August, Esoko Ghana has predicted.

Esoko’s prediction was premised on the belief that the rains in the first half of the year would contribute to an increase in farm produce.

It added that the easing of restrictions, which were implemented to curb the outbreak of the coronavirus, is also another factor.

Esoko Ghana predicts drop in prices of foodstuffs in August

Minister of Agriculture, Owusu Afriyie Akoto Source: Ghana Web
Source: UGC

READ ALSO: Banks ready to finance viable projects to help revive the economy - Report understands that the month of July 2020 recorded significant reductions in the prices of some commodities in Ghana.

A report by quotes Esoko as reporting that the price of cassava fell by 7.91% to close the month at GHc145.50 per bag.

Esoko again reported of a 6.90% fall in the price of wheat to close at GHc283.20 per bag.

Its analysis also revealed there was a general decline in prices of commodities and records of increases were below a 1% price change.

In an earlier report, Esoko Ghana predicted an increase in prices. The report showed that the rise in price is a direct result of the COVID-19 pandemic.

At the time of the report, there were already increases in the prices of two major food items, cassava and maize.

A survey of seven markets then showed that the price of a 91 kg bag of cassava recorded the highest increase of 28.84% to GHc124 in April compared to March 2020.

READ ALSO: Business conditions in July were stable in Ghana - Report

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Source: Yen

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