The price of tomatoes increased by more than 100 per cent in the Kumasi Central market in the week to September 10, following a previous week of price decline. In the wholesale market, the price jumped from GH¢0.58 a kilo the previous week, to GH¢1.25, representing 116 per cent increase. In the retail market, there was a registered increase of 69 per cent, when the price closed the week at GH¢1.54 a kilo, from the previous week’s closing figure of GH¢0.91. After weeks of significant price drop in all the major markets across the country, the price of tomatoes seems to be gaining some grounds.
In the Takoradi market, the price of the commodity increased by 18 and 20 per cent respectively, in both wholesale and retail trading, closing the week at GH¢1.00 and GH¢1.80.
Across the country, especially in the Volta Region, early arrival of tomatoes on the market has caused massive price drops. The implication has been very far-reaching. Many farmers, according to monitored reports, are under harsh financial pressure because they are unable get enough from their produce. Agricultural officers in the various districts have reported that this year’s tomato harvesting season for some districts came two months early, hence the massive glut some weeks back.
Esoko market watchers have reported that recent price increase, in the week to September 10 was mainly due to the fact that supply has shifted from markets with excess supply to areas of demand.
“Our monitored position shows that traders are moving goods around fairly quickly. Tomato is a perishable good, so there isn’t much shelf life for it. As a result, once there is demand in a market, traders are quick to move. Therefore, there has been supply and demand adjustments, hence, the increase in price in the markets that had experienced massive drops in the wake of the early harvest season”, Esoko market watchers reported.
The supply and demand shifts is collaborated by key market intelligence information. Monitored prices in the Esoko agricultural commodity index shows that prices remained stable in most of the other markets, especially those not noted to be heavy trading posts for tomatoes, meaning that the price drop is mainly concentrated in areas of glut.
In other market trading, the price of local wheat remained stable in most markets, apart from the Kumasi Central Market when prices increased by 15 and 18 per cent in both wholesale and retail trading respectively.
The Esoko Ghana Commodity Index- Retails (EGCI-R) closed the week at 2300.85 whereas the wholesale index EGCI-W closed at 945.74. The composite index is calculated based on 12 commodities across seven markets.
Source: Esoko Ghana Commodity Index
DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.
Tags:
Latest Stories
-
Zirkzee scores winning penalty as 10-man Manchester United knock out Arsenal from FA Cup
10 minutes -
George Quaye tips Dzifa Gomashie for Tourism Minister position
17 minutes -
MTN FA Cup: Kotoko beat Accerler8z to book last 16 spot
20 minutes -
Free SHS and the NDC’s dilemma: A look into the future
46 minutes -
NIB D-G bought state lands at Cantoments for ¢160k – Documents reveal
1 hour -
Dr Arthur Kennedy: A reset for Ghana
2 hours -
Teacher trainees call for resolution of strikes before colleges reopen
2 hours -
National Prayer and Thanksgiving Service to be held today at UPSA
2 hours -
‘Take the naughty, stealing taxes away’ – E.P Church Moderator to President Mahama
3 hours -
Employee Assistance Programmes: The heartbeat of a 24-Hour economy
3 hours -
Atebubu drivers attack Police after suspected robbers killed 75-year-old driver
3 hours -
Ejura Death: Family rejects autopsy report, alleges police brutality
3 hours -
Paramount Chief of Wenchi instructs illegal miners to stop operating in the area
4 hours -
AGRA Board Chair urges partners and MPs to support Ghana’s food systems transformation efforts
6 hours -
Sissala East constituents urge Mahama to recover looted state funds
7 hours