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Business News of Thursday, 24 February 2022


Groundnut sellers in Bolgatanga complain as hike in price affects businesses

The price of groundnut has shot up in the region The price of groundnut has shot up in the region

Correspdondence from Upper East Region

Last year, the rains in the Upper East Region did not favour the proper growth and development of groundnuts. Two factors accounted for this development.

One factor was that the rains came in heavily at the time that the nuts began to shoot, this destroyed most of them.

Another factor was the fact that the rains ceased at the time of harvest. This propelled farmers to pour water on their various farms and use holes to dig the ground for the nuts.

Even with that, they were not able to get much yield. This led to an increase in the price of groundnuts on the market this year.

The situation is drastically affecting the business of groundnut sellers. Some of them in the Bolgatanga market expressed their frustrations with GhanaWeb's Upper East Regional Correspondent, Sarah Dubure.

Madam Lamisi Azure, indicated that a bowl of groundnuts was sold at GHC15, last year, but has rapidly shot up to GHC18 this year.

She added that the price was expected to increase since the legume was getting scarce.

"Last year, a bowl of groundnuts was 15cedis. This year, it increased to 18cedis. This is just the beginning of the year. It is going to increase because there are no groundnuts.

She noted that they made profit last year, but lamented that this year was totally different.

Madam Lariba stated that they were still sticking to the groundnut business because that was what they had sold for years.

Another groundnut seller, madam Ayinpoka, complained that the hike in price had greatly affected their profit margins. She added that last year was better.

"There was profit last year because we bought a bowl of groundnuts from GHC14 to GHC15 so we could make a profit as much as 5cedis". She observed.

"Now that the situation has turned this way, we are not getting anything. If you want to reduce the quantity of groundnuts you tie and sell, they will not buy. The market is already full". She added.

Madam Ayinpoka also indicated that the situation was worse if they bought in bits because they ended up using the money to buy ingredients and not being able to account for it.

"If they buy fast and it finishes, the better, but when they remain here for long, you wouldn't be able to know how you sold," she stated.

Madam Mary also lamented about sales and indicated that it was a bit better when customers bought the groundnuts in bowls, but bad, when they had to tie them in rubbers to sell.

"When they buy them in bowls, at least we are able to get something small, but when we tie them, we don't make profits," she said.