We expect foodstuff prices to drop by more than 50% in coming months – Agric Minister

Food prices in Ghana are expected to drop by more than 50% in the coming months, according to Dr. Bryan Acheampong, the Minister for Food and Agriculture. Speaking on the PM Express Business Edition on October 10, 2024, Dr. Acheampong explained that the government has implemented several strategies to enhance food production and cushion farmers from the effects of a recent dry spell.

“We’re already beginning to see prices of some foodstuffs go down since March and April this year,” Dr. Acheampong noted during his interview with host George Wiafe. He added that, based on data from the Ministry of Agriculture, food prices should continue to decrease significantly until at least April of next year.

One of the key measures introduced by the government is the distribution of 200,000 metric tonnes of fertilizer to farmers. Additionally, Dr. Acheampong revealed that the government is planning to invest around $80 million worth of agricultural inputs into the market to maintain low prices in the future.

In response to the recent dry spell, the government has also stepped in to support affected farmers. Dr. Acheampong emphasized that efforts are being made to ensure that all farmers who were impacted will receive the necessary relief and agricultural inputs to replenish food supplies.

“Over the years, the Ministry of Agriculture has initiated many programs to support farmers, and the data is available for anyone to verify,” he stated, assuring farmers that aid will be directed where it’s needed.

Regarding financial support, the minister announced that the government has allocated GH₵50 million to cover interest costs on loans for commercial farmers impacted by the dry spell. The funds will be channeled through the Agricultural Development Bank to ensure that the support is efficiently distributed.

Dr. Acheampong also dismissed concerns that the country faces a bleak outlook for food security. He expressed confidence in the future, revealing that the ministry has already secured GH₵3.6 billion out of the GH₵8 billion it aims to raise to bolster food production and supply.