As per the sources, it has been reported that the ESOKO Ghana has attributed a continuous decline in the price of imported rice due to an increase in demand for local rice by the consumers. It has been observed that there is a about 20 percent continuous reduction in the price of imported rice in the last three weeks. Currently a five kilogram bag of imported rice is selling at 21 cedis 90 pesewas against the 27 cedis 3 pesewas as it was recorded a week before. Further, in this matter, the Content Producer at Esoko Ghana Commodity Index (EGCI), Francis Danso Adjei, explains to Citi Business News that the decline in the price of imported rice is due to the an increase in demand for local rice as well as standardization of prices after the festive season.
Moreover, people are now buying more of the local rice as it has been noted that the people are now becoming more patriotic. The second reason is because now the festivities are over, so the price hike that we experienced during the festivities is dropping. Since now the prices are begin to normalize on the market so that is why there are certain changes which are being seen as it was stated by MrFrancis Danso Adjei. It was also added that these are the changes we should be concerned about. Further, things will get normalize in due course of time and when all the things become equal, and then we should have stable prices as we move on.