Prices of foodstuffs decline by over 80%
Prices of foodstuffs in the Greater Accra region have begun to decline after experiencing significant levels of hikes for close to 6 months -from February 2016.
Checks by Citi Business News across the various markets reveal that most food prices have reduced by over 50% due to the abundance of the crops.
Traders attribute this turn of events to the recent heavy downpour of rains and change in climate conditions.
Prior to the latest development prices of various food stuff across markets from February hit an all-time high, hitting levels that had not been experienced in over five years.
Majority of foodstuff such as okro, garden eggs and nkontomire have begun seeing a significant decline in prices, with most of them reducing by over 80 percent.
Nkontomire for example which used to sell at 5ghc is now going for 50p while between 10 and 14 pieces of okro is going for 1 cedi and almost same for garden eggs.
A medium size tin of tomatoes is now going for 25 cedis from the 30 cedis recorded earlier.
Traders at the Makola market in Accra, say the rains have finally saved their businesses from collapse.
“The recent downpour gave way for massive yield of foodstuff. Most especially garden eggs and Okro. You can get so many for a very low price.”
A tomato seller also confirmed this saying “a medium, size bucket of tomatoes used to sell at 30ghc, but it has reduced to 25ghc. It used to be very expensive, yet not too attractive, but this is not the case now. People are buying it more and I’m able to make profit.”
But the latest development though positive appears to be attracting some negative developments.
Charlotte who trades in garden eggs at the Makola market says due to the overabundance of foodstuffs and decline in prices, traders who hitherto were in the soap and detergents business have begun taking over the foodstuffs business.
This development however makes those already in the business unhappy as it stems up massive competition.
“Now that the foodstuffs are in season, everyone is selling; this deprives us of our customers and profit. Now everybody sells these products when it is not in season and because of that, we prefer it when they are out of season so customers can buy the little for us”.
Although prices of some foodstuffs have dwindled, others like cassava, yam and plantain are still recording hikes in their prices.
A medium size tuber of yam is still selling at 10ghc, a bunch of plantains is still selling at 100ghc and about four or five tubers of cassava is now going for 8ghc.
A trader laments about how she is making huge losses now.
“Now I’m encountering huge losses. Previously, I could make good sales but now consumers don’t even buy my foodstuffs, let alone make good sales.”