The Minister for Food and Agriculture, Dr. Bryan Acheampong, anticipates that food prices will decrease by over 50% in the coming months.
He attributed this optimistic forecast to government measures aimed at enhancing food production and providing support to farmers affected by the recent dry spell. “As a result, we expect prices to drop until April next year, based on reliable data from the Ministry of Agriculture,” he stated.
Dr. Acheampong shared these insights during the PM EXPRESS Business Edition on October 10, 2024, with host George Wiafe. The discussion focused on Ghana’s food security and the government’s recent initiatives to address the impacts of the dry weather.
He noted that the government has supplied 200,000 metric tonnes of fertilizer to farmers. “Additionally, we are investing approximately $80 million in agricultural inputs to help maintain low prices moving forward,” he added.
Regarding measures related to the dry spell, Dr. Acheampong assured that the government is committed to supporting farmers impacted by the conditions. “The Ministry of Agriculture has implemented various initiatives to assist farmers, and data is available for verification,” he said. He emphasized that all affected farmers will receive the necessary support to bolster the nation’s food supply.
Dr. Acheampong also discussed interest-free loans available to commercial farmers who experienced losses due to the dry spell. “We have allocated GH₵50 million for this purpose, which will cover the interest costs on these loans,” he revealed. He clarified that these loans will not be “handouts” but will be administered through the Agricultural Development Bank to assist farmers effectively.
He dismissed concerns about a bleak food supply outlook, asserting that the future is promising. So far, the ministry has secured GH₵3.6 billion of its GH₵8 billion target.
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