The Chief Executive Officer of ASPASSION Farms, Farmer Robben Asare is advising consumers to stop panic buying as it is gradually becoming the order of the day in most markets across the country.
He said panic buying is a complex behavior fueled by diverse and multiple motives by buyers.
“It’s fueled by concerns about running out of certain items and goods; people tend to indulge in panic buying which they believe gives them control over the situation.
Panic buying usually happens when there is a sudden increase in one or more essential goods in excess of regular need provoked by adversity, shortage, hoarding or an outbreak resulting in an imbalance between demand and supply” he said.
The Farmer made these observations in an interview on Ghana’s Agricultural Sector and how panic buying has led to the hikes of food prices across the country.
Mr. Asare mentioned that there are long queues and congestion in the markets as a result of possible price hikes of some basic food products.
“A bag of maize sold in Kintampo Market for about GH¢ 250.00 last year is now been sold for GH¢ 400.00 why? He quizzed.
I believe some individuals are deliberately hoarding products creating artificial shortages so they could sell them later in the year for a higher price.
Kenkey is a staple dish prepared with corn dough across all the regions in Ghana, however, the price of its main ingredient, maize, is soaring.
Some kenkey sellers say a bag of maize, which was sold at GH¢300 last year, is now been sold at GH¢550 in some markets” he said.
A visit to some major markets across the country revealed that most of the food prices have gone high because some of the foodstuffs are out of season and the cost of transportation has further worsened the situation.
Three tubers of yam which were sold between GH¢10 to GH¢20 last year is now been sold at GH¢45. A bowel of maize which was sold at GH¢5 is now been sold GH¢12. A bowel of soybeans now sells at GH¢15 instead of GH¢8. A bowel of beans now sold at GH¢35 was formerly GH¢20.
The CEO is asking the government to initiate actions that would ensure stable prices at the various markets and regulate prices of farm inputs.
“The rising price of food commodities across the country is due to lack of stakeholders’ priority to support farmers and inject more investment into the agricultural sector for it to grow” he added.
