Grain price adjustment asymmetry: the case of cowpea in Ghana
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Patterns in price adjustment in response to information are important to market
practitioners. This study looks at cowpea real wholesale price adjustment patterns in
Bolgatanga, Wa, Makola and Techiman markets in Ghana. Using Techiman as the central
market, a threshold autoregressive test for asymmetric price adjustment rejected the null
hypothesis of symmetric adjustment for only the Bolgatanga-Techiman price series. An
autoregressive conditional heteroskedastic regression indicates that wholesalers in
Bolgatanga market respond differentially to price signals from Techiman than those in the
other two markets. This suggests that policies targeting cowpea traders must recognize the
differential responses by wholesalers to information.