Livestock prices drop ahead of Eid-ul-Adha - Relief for buyers, woes for traders in Tamale

Livestock prices in Tamale have dropped significantly ahead of the Eid-ul-Adha celebration on Friday, bringing relief to buyers.

Customers who previously found it difficult to afford animals for the festival are now expressing joy over the reduced prices.

However, for traders who purchased animals at higher prices earlier in the year, the drop has reduced their profits and left many fearing losses.

The price of a ram now ranges from GH¢1,000 to GH¢7,000, depending on size and health, compared to last year’s range of GH¢1,500 to GH¢8,500. For customers, this drop is timely.

For traders, it’s a major setback.

Similarly, the price of a bull ranges from GH¢7,000 to GH¢20,000 while last year’s prices ranged from GH¢10,000 to GH¢30,000.

According to livestock traders, the price reduction is eating into their expected profits, as many of them purchased livestock at premium prices in anticipation of high returns, but the current market realities have forced them to sell at a loss.

A resident of Lamashegu, Yakubu Fataw, said, “I am happy I can buy a ram this year. Last year, I couldn’t afford it because the prices were too high, but this year the prices are reasonable.”

Another resident, Musah Rahaman, thanked the traders for reducing the prices of livestock, saying that this would make it easy for a lot of people to be able to purchase animals for the sacrifice.

Traders

However, a trader, Osman Zakaria, said even though he bought the animals from Burkina Faso in CFA, the current general reduction in the prices of commodities due to the depreciation of the dollar had compelled him to also reduce his prices.

“We bought the animals at very high prices from the north and neighbouring countries, hoping to make a profit during the festival, but we are forced to reduce the prices due to the prevailing market realities.

“Now we are forced to reduce prices by GH¢200 to GH¢350 per animal just to sell, else we won’t get buyers,” he said.

He said if the situation persists, many animal sellers may abandon the trade after the celebration due to mounting debts and inability to break even.

Another trader, Alhaji Majeed Salifu, said “Some customers just come and ask for prices and walk away.

Those who buy insist on paying less, and we’re forced to agree because we need to sell before the festival.”

He added that many traders were relying on last-minute buyers to help clear the remaining animals, though they doubted it would be enough to recover their full investments.

A trader, Yahaya Dawuda, called for a balanced approach to pricing that considers both the economic situation of buyers and the survival of their businesses.

“We understand times are hard, but we also need support.

If this continues, many of us will go out of business,” he said.

Religious significance

An Assistant Imam Majid Hassan, urged Muslims to buy animals within their means and share the meat with the poor, friends, and family, in line with Islamic teachings.

He explained that “the sacrifice is not about showing off.

It is a spiritual act of obedience and devotion to God.

It is not the meat or blood that reaches God, but the sincerity of our hearts.”