Saturday, May 18, 2024
Google search engine
HomeHealth & WellnessGhana must brace itself for higher food prices – Kwakye

Ghana must brace itself for higher food prices – Kwakye

The Director of Research at the Institute of Economic Affairs (IEA) Dr John Kwakye has asked Ghanaians to be prepared for higher food prices in the coming days.

This is on the back of the European Commission extending until September 15 an arrangement whereby five of Ukraine’s EU neighbours can restrict imports of Ukrainian grain.

The EU on May 2 allowed the five countries – Bulgaria, Hungary, Poland, Romania and Slovakia – to ban domestic sales of Ukrainian wheat, maize, rapeseed and sunflower seeds while allowing transit through them for export elsewhere, including to other EU countries, Reuters reported.

Those restrictions, according to Reuters designed to ease excess supply, were due to expire on Monday. The five countries had sought an extension, complaining cheaper Ukrainian grain was making domestic production unprofitable. Ukraine lobbied for them to be lifted.

The European Commission said in a statement that they would phase out by Sept. 15.

The Commission, which oversees EU trade policy, said bottlenecks and scarce storage capacity persisted and the mid-September phase-out would allow for improvements in getting grain out of Ukraine and through the transit countries.

Commenting on this development, Dr Kwakye tweeted “Ghana must brace itself for even higher food prices as Ukrainian grain supplies are being once more restricted.”

He further indicated that “It is disappointing that we can’t produce enough local food to reduce food inflation, which exceeded 54% in June, and the general cost of living.”

Food Inflation in Ghana averaged 12.89 percent from 2013 until 2023, reaching an all time high of 61.00 percent in January of 2023 and a record low of 5.00 percent in July of 2014.

RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -
Google search engine

Most Popular

Recent Comments