Minister predicts over 50% drop in food prices

The Minister for Food and Agriculture, Dr. Bryan Acheampong, projects that food prices will decrease by more than 50% in the coming months.

He attributes this hopeful outlook to the government’s recent initiatives aimed at boosting food production and supporting farmers affected by the recent dry spell.

These measures are designed to enhance agricultural resilience and ensure a stable food supply, ultimately benefiting consumers.

“Because of this, we are expecting prices to go down, up to April next year, and this is based on verifiable data at the Agric Ministry,” he said.

He announced that the government has provided 200,000 metric tonnes of fertilizer to support farmers in enhancing their crop production.

“We are beginning to see the results of prices of some foodstuffs going down around March and April this year.

“Government is also working to invest about 80-million-dollar worth of inputs into the market, that will help keep prices at some very low levels going forward,” he added.

He emphasized that the ministry is committed to tackling food security in Ghana and is actively implementing government measures to address the challenges caused by the recent dry spell.

Dr Acheampong assured that the government is working hard to provide relief to only farmers affected by the recent dry spell.

“Over the years, the Agric Ministry has led a lot of initiatives that extend support to farmers and the data is there for everyone to verify the beneficiaries”, he said.

He pledged that all farmers affected by the dry spell will be adequately supported to boost the country’s food stock.

“We have instituted several measures that will ensure that the affected persons get the inputs needed”.
Speaking on the interest-free loans extended to farmers, Dr Acheampong said the aid will go to commercial farmers who suffered from the dry spell.

“We have about GH₵50 million and the government is planning to use that to take up the interest cost on these loans”, he revealed.

He assured that the loans will not be mere “handouts,” but will be channelled through the Agricultural Development Bank to effectively support farmers.

Addressing concerns about a bleak food supply outlook, he argued that the future is promising.

He also revealed that the ministry has secured approximately GH₵3.6 billion of its GH₵8 billion funding target so far.