COVID-19 and food prices in sub-Saharan Africa.

Samuel Kwaku Agyei, Zangina Isshaq, Siaw Frimpong, Anokye Mohammed Adam, Ahmed Bossman, Oliver Asiamah
Author Information
  1. Samuel Kwaku Agyei: Department of Finance, School of Business University of Cape Coast Cape Coast Ghana. ORCID
  2. Zangina Isshaq: Department of Finance, School of Business University of Cape Coast Cape Coast Ghana.
  3. Siaw Frimpong: Department of Finance, School of Business University of Cape Coast Cape Coast Ghana.
  4. Anokye Mohammed Adam: Department of Finance, School of Business University of Cape Coast Cape Coast Ghana. ORCID
  5. Ahmed Bossman: Department of Finance, School of Business University of Cape Coast Cape Coast Ghana.
  6. Oliver Asiamah: Department of Finance, School of Business University of Cape Coast Cape Coast Ghana.

Abstract

This study investigated the impact of the novel coronavirus disease 2019 (COVID-19) outbreak on prices of maize, sorghum, imported rice and local rice in sub-Saharan Africa (SSA). We estimated dynamic panel data models with controls for macroeconomic setting using general method of moments estimation. The study found that the COVID-19 outbreak led to increases in food prices of the sampled countries. Restrictions on movements or lockdowns in the wake of COVID-19 was associated with an increase in the price of maize only. We also found that exchange rate, inflation and crude oil prices exerted a detrimental effect on food prices. We recommend that governments of SSA countries invest in infrastructure that improves efficiencies in the food supply chain during pandemics. Providing adequate support to industries in the value chain will also improve food availability and food price stability post-COVID-19.

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