According to the State of the Ghanaian Economy in 2021 and Quarter 3 2022 Economic Performance Review by the Institute of Statistical, Social and Economic Research (ISSER), it said there are more than 22% of Ghanaians who are either under pressure or in crises in meeting their food needs.
“Data from Cardre Harmonise (the West African food security monitor) suggests that the food security situation in Ghana just like other ECOWAS member states worsened. Presently (in 2022), there are more than 22% of Ghanaians who are either under pressure or in crises in meeting their food needs”.
The primary driver of this situation, it stressed, is price shocks coming from the cost of transporting products to the markets and rapidly changing input prices or limited supply of inputs.
It suggested the holding of optimal buffer stocks as one way of addressing food price volatility and its implication on food security.
“One way to address food price volatility and its implication on food security are to hold optimal buffer stocks.
Current estimates by ISSER in terms of how much buffer of grains Ghana should hold per time, about 800,000 tonnes if the cost of maintaining these stocks is 10% of the value of the grain”.
“The question is how many stocks do we currently have? Given that we could not make available stocks this year to stabilize prices, it may suggest that our current stocks are quite low”, it added.
But the challenge is inadequate surpluses and the availability of resources to buy and keep even if the surplus was available.
Agric sector grows more than 5% since 2019
Meanwhile, the agriculture sector has grown more than 5% annually since 2019, despite Covid-19 and other challenges.
The crop sub-sector, ISSER, said has been growing steadily, but slowed a little bit in 2021 – perhaps because the Planting for Food and Jobs inputs were not forthcoming during 2021 It expressed concerned about the instability in the performance of the forestry and fisheries sector.