The cost of food commodities in Ghana has taken a significant downturn, with an average price drop of 32.69% over the past year, according to the November Food Security Monitor report from AGRA. This decline is even more pronounced over the last six months, at a staggering 37.13%. The report, which monitors food security across 17 African countries, highlights a dramatic decrease in commodity prices across West Africa. Rice prices in Burkina Faso plummeted by 92.8%, Mali by 62.9%, and Niger by 84.2% over the past six months. Maize prices in Ghana, Nigeria, and Togo also took a hit, falling by 37.1%, 44.2%, and 98.2%, respectively. The report attributes these drops to increased supplies from recent harvests. However, the situation is not without its complexities. West Africa's staple food markets have shown price easing, but with some volatility due to improved supply and seasonal factors. Maize prices in Ghana dropped from US$407 to US$374, a 8.1% decrease, while in Togo, the price fell from US$338 to US$304, a 10% decline. Rice prices per metric tonne softened across most markets, with Nigeria leading the charge, dropping from US$586 to US$508, a 13.3% decline. Ghana followed with a 9.2% drop, Togo with a 7.7% decline, and Burkina Faso with a 7.5% fall. Millet prices in Niger took the biggest hit, falling from US$407 to US$327, a 19.7% decline, while Burkina Faso saw an 8.1% drop. Nigeria saw a 2.2% increase due to localized demand. Overall, these price drops reflect improved availability and harvest inflows, but some markets remain volatile. The Gates Foundation, the Rockefeller Foundation, and the UK International Development support AGRA's monthly Food Security Monitor report. The report also highlights a challenging situation in Ghana's grains market. Over 1.2 million tonnes of rice, maize, and soybeans remain unsold, with farmers unable to cover production costs. The National Buffer Stock Company's additional funding of GHS 200 million (US$ 18 million) has proven insufficient to absorb the surplus. The government's grain export ban, aimed at keeping food prices low, has no timeline for lifting restrictions. Regional informal trade channels, which previously absorbed surplus, have been disrupted by military rule in Burkina Faso and policy changes in Nigeria. Smuggled rice is flooding markets through Togo and Côte d'Ivoire borders, with politically connected traders and institutional buyers sourcing mixed supplies. Farmers and processors are considering reducing production or changing crops for the next season due to sustained losses. Despite these challenges, West Africa's main-season cereal harvesting is nearly complete under generally favorable conditions, supported by average-to-above-average rainfall and adequate distribution. Aggregate cereal output for the subregion is projected at 82.9 million tonnes, a 10.4% increase over the five-year average and 7.3% above last year's campaign, indicating strong regional performance despite localized constraints. The report concludes with a disclaimer that the views, comments, opinions, contributions, and statements made by readers and contributors do not necessarily represent the views or policy of Multimedia Group Limited.
