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 GHC0.58 a kilo the previous week, to GHC1.25, 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 GHC1.54 a kilo, from the previous week’s closing figure of GHC0.91. 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 GHC1.00 and GHC1.80.
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.