Food prices remain volatile — Report
A recent report by the Food Security Monitor has revealed that food prices in Ghana and the entire West Africa sub-region remain volatile, driven by insecurity, armed conflicts and macroeconomic challenges.
The region's food security situation is further complicated by seasonal dynamics, including the early onset of the lean season in most countries.
According to the report, maize prices have increased significantly in Nigeria, with an 11.52% month-on-month increase in the year 2024 to 2025 to $426 per metric tonne.
However, prices in Ghana and Togo have remained relatively stable, with low increases of 0-3.88% over the previous month.
Rice prices have also shown varying trends across the region with Ghana recording the highest price of rice at $1099 per metric tonne, followed by Côte d’Ivoire 999 per metric tonne in 2024.
However, prices in local currencies have demonstrated generally stable or declining prices over the past month the report stated.
The report which is an Alliance for a Green Revolution in Africa (AGRA) 54 edition Food Security Monitor document commissioned in January this year also highlighted the impact of insecurity and conflict on food production and prices.
For instance in northern Nigeria, yield declines are anticipated due to conflict, while in Burkina Faso, delayed rains initially affected planting but subsequent average to above-average rainfall supported replanting and crop development.
In addition to security concerns, macroeconomic challenges, including high inflation rates, local currency depreciations and elevated fuel prices, are pushing food prices upwards in some West African countries.
Insufficient Food
The report revealed that the number of people facing insufficient food consumption across seven selected West African countries decreased by 3.3 million, from 161.6 million in November 2024 to 158.3 million in January 2025.
However, a slight decrease in the prevalence of insufficient food consumption in January 2025 remains higher than in January 2024 which was 148.5 million and January 2023 which stood at 116.9 million.
It further noted that most countries in the region have seen increases in food insecurity, except for Mali, which remained unchanged and Niger, which experienced a 2.73% decline.
Cereal harvest
The report also noted that the 2024/25 main season cereal harvest is nearly complete in the region, with generally near-average yields expected despite erratic rainfall.
However, yield declines are anticipated in conflict-affected areas such as northern Nigeria and northern Ghana.
Overall, the report further stressed the need for regional governments to address the underlying causes of food insecurity, including insecurity, macroeconomic challenges and climate-related shocks.
It recommended that by promoting sustainable agriculture practices, improving market access and enhancing social protection programs, governments can help mitigate the impact of these challenges on food security and prices.
Ghana’s Consumer Price Index
Ghana's consumer price index (CPI) for food has seen a significant increase. As of January 2025, food inflation rose by 28.30% compared to the same month in the previous year.
This means that the cost of food in Ghana has increased substantially over the past year. The overall consumer price index (CPI) in Ghana also increased to 252.60 points in January 2025, up from 248.30 points in December 2024.
The Ghana Statistical Service reports that the CPI measures the change in the general price level of goods and services consumed by households.
Food insecurity persists in Africa
The report uncovered that 17 countries in Eastern, Southern and Western Africa had a prevalence of insufficient food consumption which remained high, with some countries experiencing increases in food insecurity over the past year.
It further disclosed that over 9.5 million people across Kenya, South Sudan, Tanzania and Uganda are experiencing severe food crises.
The report also highlights the volatility of commodity prices, with maize prices varying significantly across the region. While some countries such as Ethiopia and Tanzania have seen lower prices due to bumper harvests, others such as Rwanda and South Sudan have experienced significant increases.
In West Africa, local maize prices remain generally higher than a year ago but stable compared to the past month in Togo.
In Ghana, maize prices have risen by 3.88% over the past month due to a prolonged dry spell in the north. The report also noted that the African Continental Free Trade Area (AfCFTA) has the potential to boost regional trade efficiency.
It revealed that Nigeria's first shipment under the AfCFTA successfully reached Kenya, marking a significant moment in Africa's trade history.
Volatility in food pricing
It revealed that food prices remain volatile in East Africa, with significant variations in prices across different countries.
Kenya has the highest rice price at $1,263 per metric tonne, while Rwanda has the lowest price at $ 725 per metric tonne.
Tanzania's rice prices have decreased by 7.5% due to stock releases by traders. In terms of wheat prices, Kenya recorded a 10.38% decrease to $673, while Ethiopia saw a 2.8% monthly increase to $548. The report notes that fertiliser prices in Kenya and Rwanda remain low compared to the prices for the past six to twelve months.
Weather conditions
It also highlighted the impact of weather conditions on crop yields. Heavy rains and flooding have led to poor early yields in some areas, while prolonged dry spells in parts of southern Oromia are expected to result in reduced yields.
In Southern Africa, the number of people facing insufficient food for consumption has decreased to 22.2 million, down from 22.8 million in November 2024. However, the current level of food insecurity remains higher than in January 2024 and January 2023.