Commodity prices in mixed trading

Seasonal factors affected the prices of commodities traded in most markets across the country in the week ended June 28, 2013.

The seven markets, 12 commodities monitored prices captured in the Esoko-GNA Commodity Index showed mixed trading in most markets. Whereas some markets recorded relative price movements, others registered wide variations, with most commodity prices remaining stable across the country.

For instance, yam, the medium-sized local ones commonly referred to as ‘pona’ is out of season in most markets, hence prices recorded wide variations when compared to what it was at the start of the season. Where available also, prices showed increases when compared to the previous week’s price. Also, imported rice variety, Uncle Sam, is no longer easily available in the Tamale and Bawku markets.

Market watchers are of the view that the seasonal effects are pushing prices up.

Indicative prices

The wholesale price of a 91kg bag of cassava dipped slightly in Takoradi, moving from GH¢ 0.88 the previous week to GH¢ 0.82 in the week under review. This, in percentage terms, represents a 6.3 per cent decrease. Market watchers reported that in other markets the commodity price remained fairly stable.   .

In the Agbogbloshie market, the 52kg crate of tomatoes increased by 30 per cent, moving from GH¢ 3.85 the previous week to GH¢ 5.00 in the week under review. In the Takoradi market, there was a 20 per cent increase in the price, moving from GH¢ 4.80 the previous week to GH¢ 5.77 in the week under review.

However the commodity price dipped in the Dambai, Techiman and Kumasi Central markets.

Prices of most commodities at the Takoradi Central Market remained stable. Prices of commodities such as cabbage, carrot, Green pepper, tomato, red pepper, onion, groundnut, garden eggs, maize, millet, beans and palm nut had not been increased during the week. Some of the traders explained that most commodities, especially foodstuffs, were perishable and, therefore, their prices depended on the season.

The price of fresh tilapia at Ho was noted to vary between market days and non-market days when prices went slightly higher.  However, prices of staples remained unchanged irrespective of whether it was a market day or non-market day.

Soya beans also recorded a relatively stable price in the week.

 Esoko-GNA Commodity Index (EGCI)

The EGCI-Retail closed the week at 21700 index value and the EGCI-Wholesale closed the week at 19000.

Source: GNA