Business News of Sunday, 4 August 2024
Source: starrfm.com.gh
Agric director blames high fuel, spare parts costs for rising food prices
File photo of some food items
The Eastern Regional Director of Agriculture, Hajia Habiba Yusif has attributed the recent surge in food prices to increases in fuel and spare parts costs, which have significantly impacted the transportation of food from farms to cities.
The Ghana Statistical Service reports that food inflation rose to 24.0% in June, while non-food inflation decreased to 21.6%. The Eastern Region has consistently experienced higher food inflation than the national average.
The Regional Director of Agriculture explained, “There is food available, but other factors contribute to the hike in prices. An increase in petroleum products affects food costs because we don’t grow these commodities in towns; they are transported from various villages and communities. Although the weather has been favourable, and tomato prices have decreased from Ghc3000 per crate to Ghc400, the overall hike in spare parts and fuel prices affects food affordability. These issues generally require policy intervention to address.”
She noted that “production costs are relatively manageable this year due to government policies like PFJ 2.0, which provides grants for agricultural inputs.”
Meanwhile, the Agric directorate has launched this year’s Eastern Commodity satellite Market aimed at promoting value addition to agricultural produce in the region.
Hajia Habiba Yusif stated that the upcoming Eastern Commodity Satellite Market Fair is scheduled for September 2nd to 6th, 2024. “The fair aims to certify and export value-added agricultural products, which will boost the local economy and gain international recognition,” she said. “We are targeting 80% certified products to expand Ghana’s export market.”
The fair, themed “Fostering Agribusiness Growth and Youth Development: The Role of The Eastern Commodity Satellite Market Fair,” will provide a platform for local agribusinesses to gain certification and improve their market presence.
Madam Stella Panwum, representing the Eastern Regional Minister Hon. Seth Kwame Acheampong, emphasized the fair’s significance. “The Eastern Commodity Satellite Market Fair represents a significant opportunity to drive innovation, collaboration, and sustainable growth within the region,” Panwum stated.
She urged participants to leverage the fair’s opportunities to enhance agribusiness and ensure a prosperous future for the youth and farmers.
