Business News of Monday, 1 October 2018
The price of tomatoes soared up in the month of September, it gained 30.57 percent becoming the commodity that gained the most in the month, it closed at GH?401.50 per crate, according to the Esoko Commodity Index for September.
Soya also making a gain of 5.12 percent to close at GH? 281.43 per bag. Local rice gained 5.37 percent to close at GH?383.71.
Cowpea (white) and imported rice both made gains less than 2.3 percent to close at GH?430.57 and GH?348.00 per bag respectively. The gains made by groundnut was less than 0.5 percentage points.
Maize recorded a significant drop in price. It lost 15.24 percentage points to close at GH?147.00 per bag with Pona also dropping 10.94 percent to close at GH?397.67. Millet dropped 9.35 percent to close at GH?250.57 with wheat losing 5.94 percent to close at GH?229.67.
Gari lost 2.13 percent to close at GH?184.00 per bag with cassava also closing at GH?67.67 per bag representing a drop of 1.46 percent.
Out Look for October, all things being equal, as we have entered the period where most farmers are harvesting their crops, it is anticipated that prices of major crops like maize and yam will continue to drop in prices. Prices of some legumes may go up due to the activities of the rains up in the northern sector of the country.
Esoko said, “Prices of tomatoes continue to be unstable with weekly fluctuations. It is expected that for most parts of the month of October, prices will be high.”
According to Eoko, “farmers have not had a good harvest. The current increases in fuel has not had any effects on prices yet, we will keep monitoring the situation in the coming month to see if it will have any effects on prices of commodities.”