Els: MBN360 Economy
The CEO of the National Food Buffer Stock Company (NAFCO), George Abradu-Otoo, says government’s decision to commit ¢300 million towards building a national grain reserve marks the beginning of a new era for food security in Ghana.
Speaking on JoyNews’ PM Express Business Edition on Thursday, he described the intervention as unprecedented and a major policy shift, even though the amount falls far short of what is required to make a significant impact.
“Last year, Minister of Finance Dr Ato Forson announced that they were giving us further ¢200 million to continue the good work that we were doing, so in other words, so far we had only ¢300 million,” he said.
Read also:
- Address it Head-On”: Shirley Ayorkor Botchwey Rallies Commonwealth Leaders in Mombasa to Fight Marine Pollution
- Land Shortages Threaten 24 Hour Market Rollout — Agbeve
- GSE Composite Index Hits New Heights
- Mahama unveils three global panels to advance reparatory justice agenda
- GHIB, AfDB Strike Landmark Trade Finance Deal
Mr Abradu-Otoo explained that the resources available to the Buffer Stock Company remain inadequate for large-scale grain purchases aimed at stabilising prices and protecting farmers from post-harvest losses.
“If we need to do proper meaningful mopping up of excess grains, we need no less than ¢1.5 billion, so you can imagine what ¢300 million has done,” he noted.
Despite the funding gap, he insisted the allocation should be viewed as an important first step.
“But it’s a good beginning because it hasn’t been done before. That’s where I draw my comfort from,” he said.
