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April 1, 2015
Land Buying and Valuing
Expected cash prices from futures and local basis
– Adjust expected revenues down by 15% risk
premium
• …
July 8, 2016
Commodity Program Papers
is stored.
On a per-unit basis, premiums are added to and …
April 1, 2015
Land Buying and Valuing
Expected cash prices from futures and local basis
– Adjust expected revenues down by 15% risk
premium
• …
February 23, 2016
Land Rental
Rates
2013-2015) harvest-time basis
levels were added to the …
February 12, 2016
Land Rental
Rates
2013-2015) harvest-time basis levels were added to the …
November 21, 2012
USDA METSS Project
Macroeconomic Environment
Ghana’s economy has been steadier than most in the West African region, making Ghana the
destination of choice for recent foreign direct investments (FDI). According to the World Bank
(2011), the total FDI flowing into Ghana topped $2.53 billion in 2010 compared to $165.9
million in 2000, indicating the strong confidence foreign investors have in Ghana’s economy.3
On a per capita basis, Ghana’s net FDI, at about $132 in 2010 (compared to about $7.56 in
2005) exceeded that of Middle Income Countries’ at $113 ($71.14 in 2005) and that of its
neighbor, Nigeria’s at $48.90 ($40.28 in 2005).
The World Bank also reports that Ghana’s new oil production and rebound in construction
boosted economic growth to 14.4% per annum in 2011, a figure expected to decline to a
respectable 7.5% in 2012 as oil production plateaus. These trends in the macroeconomic
environment have contributed to Ghana’s successes with its Millennial Development Goals. By
2006, Ghana had reduced the population living below the national poverty line from 51.7% to
28.5% and the undernourished population from 28% in 1991 to 5% in 2007.4 The foregoing and
other performance indicators have been attributed to Ghana’s stable and growing democratic
political environment. This macroeconomic environment frames the price trends that confront
the various commodities, including agricultural commodities such as maize and cocoa and
extractive commodities such as gold.
Maize Price Trends
Table 2 shows the summary statistics of the monthly wholesale prices over the covered
duration. The table shows that Ghana’s maize market did not escape the commodity price
crisis that engulfed global commodity markets in the 2007 to 2010 period. The price range in
the 2007/08 crop year, for example, was GH�35.35 per 100kg compared to GH�12.51 in the
previous crop year and GH�17.91 two crop years later. This turbulent year (2007/08) also
posted the highest variability in market prices, with a standard deviation of GH�11.76 and a
coefficient of variation of 32.6%, the highest estimated in the last five crop years. Indeed, the
variability in prices in all other crop years was in the single digit. Despite this low price
variability within each crop year, what is observed is that the mean price over the crop year has
been trending upwards.
Table 2: Summary Statistics of Monthly Maize Prices (2006/07‐2011/12) per 100kg Bag
Crop
Year
N
(Months)
Range …
November 1, 2008
Agribusiness Papers
between the genders on the basis of age, employment duration …
December 1, 2010
Production Publications
payments, on a per acre
basis, generally were slightly …
July 29, 2004
Management
informal feedback is the basis of superior
employee performance
• …