Buffer Stock Company develops 5-year plan to promote food security

BY: Daily Graphic
 Nana Boakye  — Board Chairman, NAFCO
Nana Boakye — Board Chairman, NAFCO

The National Food Buffer Stock Company Limited (NAFCO) is charting a new path to bring enhanced efficiency in its operations to guarantee food security and increased incomes for farmers.

The focus of the plan is to create value in its operational scheme to guarantee food availability and security, price stability, improved food nutrition for Ghanaians and financial security for local farmers.

During a three-day board and management retreat, the company had extensive engagements with experts and stakeholders to draft a much responsive and relevant five-year Strategic Plan.

In an interview, the Board Chairman of NAFCO, Nana Boakye (Nana B), said “we have been working assiduously to increase the financial resources available to NAFCO, increase cereal and grains stock reserves, reduce price volatility for cereal and grains and improve nutrition through the availability of cereals and diverse food in an equitable manner”.

“In all these, we have placed the farmer at the heart of things. We are committed to creating a system that promotes the welfare of farmers and enable them to make much out of their produce,” he explained.

Expected functions

It is expected that the five-year Strategic Plan, under the leadership of Nana Boakye and Mr Hanan Abdul-Wahab (CEO), will enable NAFCO to function well and, more importantly, perform its mandate in excellence.

NAFCO remains a delicate state establishment in promoting food security in Ghana.

The company, in the wake of the COVID-19 pandemic and its attendant lockdown, played a critical role in the government’s provision of cooked and dry food to hundreds of thousands of vulnerable Ghanaians.

Also, NAFCO has significantly contributed to the successful implementation of the government’s flagship programme, the free SHS, specifically in the area of feeding 1.2 million students daily.

Stakeholders

Stakeholders at the retreat were the Parliamentary Select Committee on Agriculture and Cocoa Affairs, led by Mr John Osei-Frimpong (MP for Abirem); Mr Emmanuel Anhwere and Dr Seidu Jasaw; the Minister of Public Enterprise, Mr Joseph Cudjoe; a Deputy Minister of Education, Ms Gifty Twum Ampofo; the CEO of the State Interest and Governance Authority, Mr Stephen Asamoah-Boateng, and Mr Asante Krobea of the Ministry of Food and Agriculture.

Creation of NAFCO

The NAFCO was incorporated under the Companies Code of Ghana, 1963, Act 179 on March 11, 2010.

It is a limited liability company, wholly owned by the government, with the mandate to guarantee an assured income for farmers by providing a minimum guaranteed price and a ready market and mop up excess produce from all farmers in order to reduce post-harvest losses resulting from spoilage due to poor storage, thereby protecting farm incomes.

It also purchases, sells, preserves and distributes foodstuffs produced in the country, ostensibly to ensure stability in demand and supply.