A seven-member reconstituted governing board of the National Food Buffer Stock Company (NAFCO) has been inaugurated by the Minister for Food and Agriculture, Dr. Owusu Afriyie Akoto to steer affairs of the company in order to ensure its profitability.
The Board, chaired by Henry Nana Boakye (Nana B), includes the re-appointed Chief Executive Officer, Hanan Abdul-Wahab. Members of the board are Alhaji Mashud Mohammed, Dr. Emmanuel Adu-Sarkodee, George Oduro, Lee Frempong and Nana Ampaw Frimpong.
The board, is expected to support the management of NAFCO to become an effective tool for maintaining price stability in the domestic market in support of government’s economic policies.
The Minister, addressing the board, tasked members to remain focus and execute the numerous responsibilities that are within its purview. He said they are expected to provide guidance and direction for the activities for the state food security reserve entity.
The Board Chair and his members assured the Ministry to work together to accomplish the mission of the company. The board also pledged to ensure the security of farmers through sound commercial practices within the parameters of socially, legally and ethically acceptable norms of trade.
NAFCO is a public enterprise that provides strategic support to the agriculture sector of the economy. It was incorporated under the Companies Code of Ghana, 1963, Act 179 on March 11, 2010.
The company is a limited liability, wholly owned by the Government of Ghana with the mandate to guarantee an assured income to farmers by providing a minimum guaranteed price and ready market to 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.
NAFCO also purchases, sells, preserves and distributes food stuffs produced in the country ostensibly to ensure stability in demand and supply.