Agribusiness Farmers Urged to Adopt Innovative Pricing Method for Sustainable Growth

In a recent community engagement event held at Diare in the Savelugu Municipality of the Northern Region, Professor Osei-Agyeman Yeboah, Project Coordinator of North Carolina Agriculture and Technical University, emphasized the need for stakeholders in the agricultural sector to adopt an innovative pricing method for agribusiness farmers in Ghana.

The call comes as a response to the prevailing practice of individual farmers setting their own prices on the market, which the professor believes is hindering their potential for growth.

The engagement event was organized as part of the USDA-National Institute of Food and Agriculture (NIFA) project, jointly implemented by 1890 Land Grant Universities, including the University of Maryland East Shore and North Carolina Agricultural and Technical University.

The project is focused on the Northern and Upper East Regions and receives support from the Council for Scientific and Industrial Research – Savanna Agricultural Research Institute (CSIR – SARI) with the aim to improve food security and nutrition in the country by providing communities with the best agricultural technologies.

During the event, Professor Yeboah stressed the importance of pricing in the marketing of agribusiness products, stating, “The change in price cost margin resulted in a percentage change in the innovative agricultural business’ profitability.”

 He urged Ghanaian farmers to consider adopting a pricing approach that would maximize the value of their agricultural produce, emphasizing that pricing was a crucial element in the agribusiness product marketing process.

“The significance of reasonable pricing in a high-value product cannot be underestimated,” Professor Yeboah added, highlighting the potential economic benefits for farmers when they settle on a price that strikes a balance between being too low or too high.

In light of this, Naa Abdulai Abukari II, Chief of Diare, appealed to agricultural sector stakeholders to lend their support in providing farming communities with innovative technologies to enhance farming practices in the region.

He recognized the pivotal role of technology in promoting food security in the country and emphasized the need for collaborative efforts in advancing the agricultural sector.