This paper investigates trends in food prices in Ghana during 1970–1993. Regression results confirm that real wholesale prices of food have been declining since the 1970s. Price trends in the 1980s are characterized by a downward shift at the beginning of the postreform period and a subsequent continuing downward trend. Despite falling grain prices, we find that agricultural wage rates failed to provide an adequate basis for subsistence, particularly during periods of large seasonal price rises. Many farmers hold grain for both speculation and to smooth income. This view is supported by evidence regarding seasonal price spreads that have been increasing since 1984. We find no support, however, for conclusions of trader manipulation of marketing margins during the adjustment period.