Research and communications consulting firm, SBM Intelligence, has highlighted a significant increase in the cost of preparing Jollof rice for a family of five in Ghana.
The SMB Jollof Index report indicated that from September 2023 to February 2024, the cost of preparing Jollof rice for a family of five rose from GH₵277.75 to GH₵397.25, a 43% increment.
The report, titled ‘Crisis at the Table,’ detailed the price surge, stating that the highest month-on-month increase of 25.7% was recorded in October 2023.
Despite a slight dip in November, prices resumed their upward trajectory, culminating in the highest cost noted in February 2024.
The report attributes the rise to factors such as currency fluctuations, increased input costs, and supply-demand imbalances.
“The price surge persisted in February 2024, with the cost of jollof rice ingredients reaching GH₵397.25, a further 3.8% increase from January. This marks the highest price point in the last six months and underscores the growing affordability challenges Ghanaian households face,” the report highlighted.
A comparative analysis between Accra and Kumasi revealed that Kumasi saw a steeper increase in the cost of making Jollof, although both cities experienced hikes.
“This quarter’s data shows a departure from the previous quarter’s trend, indicating a significant increase in food costs and a subsequent upward trajectory. Notably, Kumasi experienced a more rapid increase than Accra, with the gap between the two cities narrowing over six months,” the report added.
While Ghana’s food inflation saw a decrease from 44.8% in October 2023 to 29.6% in March 2024, the issue of rising food costs persists as a significant challenge for the country.
SBM Intelligence, the firm behind the report, specialises in African geopolitical research and strategic communications, focusing on essential political, social, economic, and market data.
ID/NOQ
Source: www.ghanaweb.com
