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Weak performance of the Ghana Cedi against foreign currencies triggers hike in prices of foodstuffs in Upper West

Weak performance of the Ghana Cedi against other foreign currencies has triggered a marginal rise in the prices of maize, millet, wheat and imported rice in the upper west regional capital, Wa.

According to the GNA, Buyers and sellers in the business district of Wa attributed the increases of prices of cereals and grains in the local market largely to the falling Ghana Cedi.

The interbank exchange rate quoted by the Bank of Ghana on Friday indicated that one US$1.00 could be bought at GH¢ 4.6819 and sold at GH¢ 4.6865.

.Madam Hanatu Abubakari, a Trader, told the GNA that despite the increases in the prices of grains, the level of demand change was minimal.

“For the prices of polish rice, the increase is as a result of the unsteady prices of the Cedi against other currencies, as they are being imported,” she said: “The weather conditions, cost of transportation and other economic index are all factors”.

However, some traders said this year’s rain pattern had badly affected production which compelled many producers to sell out their stocks while shortage in Techiman also motivated others to transport more grains to the Brong Ahafo business town.

Maize, groundnut and millet are most hardly hit as market observers in the Region say, “it is not the norm”.

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