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Agricultural commodity supply response in Ghana

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Author Info

  • Matthew Kofi Ocran
  • Nicholas Biekpe

Abstract

Purpose – The paper seeks to estimate agricultural commodity supply response at three levels of aggregation namely, all commodities, food commodities and exports commodities. Design/methodology/approach – The study used cointegration and error correction modelling techniques with the aid of annual data. The aggregate price and quantity indices were constructed using the Tornqvist formula, which has been found more superior to the traditional Laspeyres approach of index construction. Findings – The producers were responsive to price incentives in the long-run for all three commodity aggregates but in the short-run only producers of export commodities were responsive to price incentives. Practical implications – Producers respond to price signals as predicted but structural features of the agricultural commodity sector that results in high transaction cost may account for the absence of price response in the short-run. Interventions in lowering transaction cost in agricultural commodity production has the potential of stimulating a faster and considerable response to price incentives. Originality/value – Despite the policy relevance of agricultural commodity supply response, the extent of the response in Ghana is largely unknown, and it is this gap that the present paper helps to bridge.

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Bibliographic Info

Article provided by Emerald Group Publishing in its journal Journal of Economic Studies.

Volume (Year): 35 (2008)
Issue (Month): 3 (July)
Pages: 224-235

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Handle: RePEc:eme:jespps:v:35:y:2008:i:3:p:224-235

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Related research

Keywords: Agricultural products; Economic models; Ghana; Prices; Supply;

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Cited by:
  1. Katsushi Imai & Raghav Gaiha & Ganesh Thapa, 2008. "Supply response to changes in agricultural commodity prices in Asian countries," The School of Economics Discussion Paper Series 0808, Economics, The University of Manchester.

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