Accra: The leadership of the Ghana Buffer Stock Company (BSC) has been urged to maintain adequate food reserves to stabilize prices during bumper harvests and mitigate shortages during emergencies. The call was made by Mr. Eric Opoku, Minister of Food and Agriculture, during the swearing-in ceremony of a nine-member board of the company in Accra.
According to Ghana News Agency, the board is chaired by Dr. Eric Osei-Owusu, a former Chief Executive of the company, and it is expected to oversee the activities of the company. Other members of the board include Sir Joseph Charles Osei, Madam Janet Chigabatia-Adama, Mr. Collins Mahama, Mr. Stephen Baffoe, the company's Chief Executive Officer Mr. George Abradu-Otoo, Mr. Daniel Atta-Kusi, Mr. Michael Ologo, and Hajia Benedicta Fati Skido-Achulo.
Mr. Opoku highlighted the importance of BSC actively intervening by purchasing surplus food during harvest seasons, storing it to keep prices stable, and releasing it during lean periods to curb price hikes. This approach is intended to ensure that farmers remain motivated to produce, and consumers are protected from sudden spikes in food prices.
He recalled an incident last year when the northern region experienced plummeting prices and widespread uncertainty, prompting Ghana to seek assistance from ECOWAS. Although a 20,000-ton cereal allocation was approved, Ghana could not access the aid due to political instability in Burkina Faso and had to resort to importing cereals. This situation exposed the fragility of the country's food security system.
Mr. Opoku emphasized that the BSC Store should be able to declare available reserves of essential staples like maize, rice, or soybeans during crises to stabilize the market. He assured that this year's national budget has allocated funds to support BSC Store operations, enabling the procurement and storage of food in anticipation of future shocks. He called on board members to prioritize the collective good, highlighting President John Mahama's confidence in their ability to deliver.
Dr. Osei-Owusu assured their commitment to achieving the government's comprehensive blueprint for agriculture, focusing on modernization, food security, and economic transformation. This includes initiatives like the 'Feed Ghana Programme.' With adequate funding, improved facilities, and a trained workforce, the company aims to effectively deal with post-harvest losses, reduce food inflation, and create employment for the Ghanaian youth. He stated that these efforts align with contributing towards the Re-Set Agenda.
