Chief Executive Officer of Joerees Farms & Foods, Mr. Joseph Boakye-Yiadom, has alerted consumers to an impending sharp increase in egg prices, citing soaring production costs as the primary driver.
In an interview with JoyNews on June 5, 2024, Boakye-Yiadom detailed the economic pressures facing the poultry industry.
“The Ghana poultry industry is in great distress at the moment. This increase is a result of our production input. For example, maize started this year in January, selling at between 190 and 200 cedis per 50 kg, but as I speak with you, it is between 260–270 cedis. Soybean meal started the year around 410–420, and now it’s about 520–530,” he stated.
To maintain operations, Boakye-Yiadom said farmers must adjust egg prices accordingly.
“All the input for poultry has increased drastically and for the poultry farmer to break even, we have to sell eggs at the farm gate between 55 and 65 cedis, so in the coming months Ghana should be ready to buy from their retailers at a price between 70 and 75 cedis,” Yiadom noted.
Current retail prices for eggs in Ghana range from GHS 10.55 to GHS 21.10 per kilogram, with wholesale prices hovering between GHS 48.00 to GHS 50.00 per crate from farm gates. The impending price adjustment represents a significant increase that could impact consumers nationwide.
“This is as a result of the coma that the poultry industry is in. Over the past two years, the Ghana poultry industry has suffered greatly and almost 60% of all the commercial poultry farms have collapsed, therefore there is the need for a revamp of the whole industry,” he added.
This announcement follows a broader trend of rising food prices in Ghana, exacerbated by ongoing economic challenges. The significant increase in the cost of maize and soybean meal, essential components of poultry feed, is a key factor contributing to the financial strain on the industry.
Economic analysts have noted that the broader inflationary pressures affecting various sectors in Ghana are also impacting the poultry industry. According to recent reports from the Ghana Statistical Service, food inflation has been a significant driver of overall inflation in the country, further complicating the financial landscape for both producers and consumers.
The government has been urged to address these issues to mitigate the impact on both the industry and consumers. In the meantime, Ghanaians are being advised to prepare for higher egg prices as the cost of production continues to rise.