The continuous hike in general goods prices is significantly impacting the cost of livestock for the Eid-ul-Adha celebrations. Visitors to the Tulaku market were surprised by the dramatic price increases.
Over recent months, prices of goods have surged, and the global observance of Eid-ul-Adha by Muslims has further driven up key commodity prices. Livestock, essential for the celebration, have seen prices for rams and cattle more than double.
The Tulaku livestock market, the largest in the Kpone Katamanso district of the Greater Accra Region, witnessed an influx of Muslims shopping for the celebration, only to be shocked by the inflated prices.
Ayisha, a regular at the market, bought a cow for fourteen thousand cedis this year, compared to six thousand five hundred cedis last year. She expressed concern that many people might be unable to afford livestock due to these high costs. Rams, which cost less than five thousand cedis last year, have also more than doubled in price.
Sule Amando, a livestock seller with over two decades of experience at Tulaku, explained to Stanley Nii Blewu of 3news.com that the price hike is due to the depreciation of the cedi against the CFA, necessitating price adjustments to match the forex rate.
“Four, five years ago, patronage of livestock was encouraging the same cannot be said this year. Market has really been slow”, he said
Cattle prices at the market range from six thousand to seventy thousand cedis. Sule, who caters to affluent customers, noted a significant drop in patronage this year compared to four or five years ago.
Mohammed Osman and his brother Ahmed cited factors like the continuous depreciation of the cedi and the high cost of feed as key determinants of livestock prices. Mohammed pointed out that feed and medicine costs heavily impact their finances, making the livestock business challenging under current conditions.
While the abundance of livestock provides opportunities for feed sellers, herdsmen who cannot afford the feed often resort to grazing their herds. The high cost of livestock is expected to persist beyond the Eid-ul-Adha celebrations due to the ongoing economic factors driving the price increases.