Ghana is the nation with the highest food prices in sub-Saharan Africa (SSA), according to the World Bank’s Africa Pulse Report from 2022.
According to the report, which was published at the end of last month in October 2022, domestic food costs have increased by 122% since January of this year.
According to figures from the Ghana Statistical Service, the country’s inflation has been increasing and reached an all-time high of 37.8 percent for September 2022. This increase has been mostly caused by increased food prices.
The problem is becoming worse as the year-over-year inflation rate for September 2022 from the 16 administrative areas was approximately 38%. Many Ghanaians are already feeling the heat from out-of-control food costs.
Since there was a 2 percent month-over-month increase in prices between August 2022 and September 2022, this indicates that overall price levels have increased in September 2022 relative to September 2021.
Agribusiness participants at the 11th Ghana Economic Forum (GEF) also advised Ghanaians to prepare for more increases in food prices in the upcoming months.
Fatima Alimohamed, the chairperson of the Agribusiness Association of Ghana Industries, said that “there is an impending shortage of food and its accompanying high costs” during the panel discussion.
Ensuring food sustainability and security: an analytical overview of the PFJ and implications for economic growth was the subject of the discussions.
In addition, the Food and Agriculture Organization (FAO) forecasted in its Finance and Development Journal that this year’s food import costs for 62 vulnerable nations will exceed US$25 billion, placing 1.7 billion people at danger of going hungry in the future.