A research and communications consulting firm, SBM Intelligence, has drawn attention to a notable uptick in the expenses associated with preparing jollof rice for a family of five in Ghana.
According to the SBM Jollof Index report, spanning from September 2023 to February 2024, the cost of jollof rice ingredients for a family of five surged from GH₵277.75 to GH₵397.25, marking a 43% increase.
Titled ‘Crisis at the Table,’ the report meticulously outlines this price escalation, highlighting October 2023 as the month with the most substantial month-on-month increase, reaching 25.7%.
Despite a minor decline in November, prices swiftly resumed their upward trajectory, peaking in February 2024.
The report attributes this surge to various factors, including currency fluctuations, heightened input expenses, and supply-demand imbalances.
“The price surge persisted in February 2024, with the cost of jollof rice ingredients reaching GH₵397.25, a further 3.8% increase from January. This marks the highest price point in the last six months and underscores the growing affordability challenges Ghanaian households face,” the report highlighted.
In February 2024, the cost of Jollof rice ingredients further rose to GH₵397.25, a 3.8% increase from January, marking the highest price point in six months and accentuating the affordability challenges faced by Ghanaian households.
“This quarter’s data shows a departure from the previous quarter’s trend, indicating a significant increase in food costs and a subsequent upward trajectory. Notably, Kumasi experienced a more rapid increase than Accra, with the gap between the two cities narrowing over six months,” the report added.
A comparison between Accra and Kumasi revealed that while both cities experienced price hikes, Kumasi witnessed a more pronounced increase in Jollof rice costs, narrowing the gap between the two cities over six months.
Despite a reduction in Ghana’s food inflation from 44.8% in October 2023 to 29.6% in March 2024, the persistent issue of escalating food expenses remains a significant concern for the country.
SBM Intelligence, renowned for its expertise in African geopolitical research and strategic communications, focuses on delivering crucial political, social, economic, and market insights.