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The Minister for Food and Agriculture, Dr. Bryan Acheampong, has projected a more than 50% reduction in food prices in the upcoming months, attributing this expectation to various government initiatives aimed at boosting food production and supporting farmers affected by recent dry spells.
During an interview on October 10, 2024, on the PM EXPRESS Business Edition, Dr. Acheampong explained that the government’s efforts are beginning to yield results, with some food prices already showing signs of decline. He stated:
“Because of this, we are expecting prices to go down, up to April next year, and this is based on verifiable data at the Agric Ministry.”
He highlighted that the government has provided 200,000 metric tonnes of fertilizer to farmers as part of these initiatives and is investing approximately $80 million in agricultural inputs to help maintain low prices moving forward.
Dr. Acheampong also addressed the interest-free loans being extended to commercial farmers impacted by the dry spell, revealing that the government has allocated GH₵50 million to cover interest costs on these loans. He emphasized that these loans will not be mere handouts but will be administered through the Agricultural Development Bank.
Despite concerns regarding food supply, Dr. Acheampong assured that the future looks promising, having secured about GH₵3.6 billion of their GH₵8 billion target for food security initiatives.
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