Editorial: NAFCO should safeguard the country’s food reserves against potential emergencies

GH¢100million has been allocated this year to strengthen the National Food Buffer Stock Company (NAFCO) and safeguard the country’s food reserves against potential emergencies.

This allocation, contained in the Food and Agriculture Ministry Medium-Term Expenditure Framework 2025-2028, indicates the amount will be used to strengthen national food buffers to improve food security.

This allocation is intended to enable NAFCO purchase and store food – ensuring availability of essential commodities during emergencies and market disruptions. It underscores government’s commitment to food security and its recognition of NAFCO’s pivotal role in stabilising prices and preventing shortages.

In September, Ghana received 500 metric tonnes of cereals from the ECOWAS Regional Food Security Reserve. The donation formed part of ECOWAS’s efforts to assist countries grappling with food insecurity arising from drought and other challenges.

The consignment included maize, rice, millet and sorghum, distributed as food grants to eight regions affected by prolonged dry spells. Stakeholders in agriculture have said recent events underscore the country’s need to maintain adequate food reserves.

Sector minister Eric Opoku described last year’s situation as less than ideal when he inaugurated a nine-member board for the National Food Buffer Stock Company (NAFCO) in June this year.

“In times of crisis, the buffer stock stores should be able to say “We have 10,000 or 20,000 tonnes of maize, rice or soybeans ready to stabilise the market,” he said.

Mr. Opoku stressed that the company must be proactive in intervening by purchasing surplus food during harvest seasons, storing it to maintain price stability and releasing it during lean periods and emergencies to curb price hikes on the open market.

Part of the funds allocated will be used to support buffer stock operations, enabling the company to procure and store food in anticipation of future shocks.

On 11th March 2010, the National Food Buffer Stock Company Limited was incorporated under the Companies Code of Ghana, 1963, Act 179. The company’s task was simple: purchase excess produce or food crops from farmers in periods of glut for distribution to the populace in the lean season. This is to restore confidenceand safeguard livelihoods for farmers.

The company was also given a mandate to manage the nation’s food security reserve by holding what is known in disaster and relief circles as emergency food stocks or emergency reserve.

The post Editorial: NAFCO should safeguard the country’s food reserves against potential emergencies appeared first on The Business & Financial Times.

Read Full Story