In a surprising turn of events, tomato prices at the Agbogbloshie market have seen a significant reduction after months of skyrocketing costs.
The preceding months witnessed the price of tomatoes in food markets skyrocketing with retailers and consumers alike feeling the pinch, with many households forced to adjust their budgets to accommodate the inflated prices.
But recent weeks have brought a welcome change to both retailers and consumers. Factors, including the vegetable being in season, are contributing to a significant reduction in prices of the vegetable, a sharp contrast to the exorbitant rates witnessed just a month ago.
At the Agbogbloshie market, Comfort Annor, a tomato retailer, in an interview with Citi Business News said the new prices are enabling customers to make significant purchases.
“A small paint bucket of tomatoes from Navrongo is currently selling for GH₵70, while other local tomatoes are priced at GH₵60. Previously, a small paint bucket of Navrongo tomatoes was sold for GH₵150, and other local tomatoes were priced between GH₵100 and GH₵120. If we can secure a good wholesale price, we could sell them for GH₵50, but today they are being sold for GH₵60,” she said.
This drop, which is expected to bring some relief to both consumers and traders, has instead created a challenging situation for retailers who are now struggling to attract buyers.
Many traders report that customers are seeking a further reduction, which, when granted, will negatively affect their profit margins.
“Customers offer to buy tomatoes, now GH₵50 for a small paint bucket, at GH₵20-30 in this season because they are in abundance. We used to sell these small and medium-sized bowls at GH₵30, but they are now GH₵10. Even with that, customers are not buying.
“A box of tomatoes that was previously sold at GH₵7,000 is now being sold to us between GH₵1,500-2,000. The smaller boxes, which were previously sold between GH₵3,500-4,000, are now selling between GH₵700-800. The wholesalers have reduced prices, but we are now having challenges finding buyers,” Dede Bibioo, a tomatoes retailer told Citi Business News.
For customers, the reduction in prices of tomatoes is relieving them of financial pressures in purchasing the vegetable. They anticipate further reduction in the coming months.
“When fuel prices reduce, the price of vegetables and tomatoes will also come down,” Sulemana Nasiru said.
With large quantities of tomatoes at risk of being spoilt, the urgency to sell has never been higher. For some retailers of tomatoes, the government must endeavour to ensure all-year-round tomato farming to reduce high prices recorded during certain months as well as invest in factories to process raw tomatoes.
“Government must dedicate large tracts of land for large scale cultivation of tomatoes to prevent importation from neighbouring countries. This will greatly help us,” Comfort Annor added.
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