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.
“When there is abundant food on the market, prices collapse, leaving farmers powerless to recoup their investments. This discourages them from cultivating in subsequent years.” Mr Eric Opoku, Minister of Food and Agriculture, gave the charge when he swore in a nine-member board of the company in Accra.
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.
The board has Sir Joseph Charles Osei, Madam Janet Chigabatia-Adama, Mr. Collins Mahama and Mr. Stephen Baffoe as members.
Other members are 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 noted that BSC must actively intervene 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 ensures that farmers remain motivated to produce, and consumers are protected from sudden spikes in food prices,” he added.
He said BSC exists to fill a critical gap in the country’s emergency preparedness, recalling an incident last year when the northern region experienced plummeting prices and widespread uncertainty.
Ghana had to seek assistance from ECOWAS, which approved a 20,000-ton cereal allocation.
However, he said due to political instability in Burkina Faso, the source of the stock, Ghana could not access the aid and had to resort to importing cereals.
“This situation exposed the fragility of our food security system. Going forward, we want a new narrative. In times of crisis, the BSC Store should be able to say: ’We have 10,000 or 20,000 tons of maize, rice, or soybeans ready to stabilize the market,” he said.
The Minister said this year’s national budget had allocated funds to support BSC Store operations, enabling it to procure and store food in anticipation of future shocks.
He called on board members to rise to the occasion, emphasising that President John Mahama had shown personal confidence in their ability to deliver.
“We must set aside individual interests and pursue the collective good. Without food, no one is free, a hungry man is never a free man,” he said.
Dr Osei-Owusu assured of their commitment to achieve the government’s comprehensive blueprint for agriculture focusing on modernization, food security, and economic transformation and includes initiatives like the “Feed Ghana Programme.”
He said with adequate funding, improved facilities and trained workforce, the company was poised to assert its role as the state food security reserve and national aggregator to effectively deal with post-harvest losses, reduction in food inflation and employment creation for the teaming Ghanaian youth.
“This is how we intend to contribute towards the Re-Set Agenda,” he said.
SOURCE: Access Agric
