newmont ghana

The Ghana Buffer Stock Company is blaming rising prices of foodstuffs on the activities of middlemen in the sector.

According to the Company, the middlemen in the sector are responsible for the artificial food shortages in the country.

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Food inflation has been on the rise in recent times driving overall inflation to above 27%, one of the highest in the sub-region.

The Chief Executive Officer (CEO) for Buffer Stock Company, Abdul Wahab Hanan made these observations during a surprise visit by the Speaker of Parliament to the Company.

He also lamented on the inability of his outfit to stock huge quantities of food during bumper harvest in order to ensure price stabilization.

Mr. Hanan however, disclosed he is in a conversation with the Greater Accra Regional, Minister Henry Quartey so that the government can enter markets in the city to directly sell to consumers.

Such a development he argued will drive down prices.

The speaker of Parliament, Alban Bagbin in response assured the company that Parliament will ensure funds are made available to them to expand its capacity to be able to stock large quantities of food for a rainy day.

Mr. Bagbin also called on the private sector to step in given the potential high returns for such a venture.

“Clearly you can see one the biggest challenge they have is that of funding to be able to achieve the objective of the company. We cannot just open them to commercial sources of funding, it is not just sufficient to give seed money I think the government must from time to time come in to give them some financial support,” he added.

Source: Ghana/