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Buffer Stock CEO: 14 Companies Licensed to Supply Food Commodities
Fourteen (14) companies have so far been licensed by the National Food Buffer Stock Company (NAFCO) to supply food commodities under its current procurement framework, the Chief Executive Officer, George Abradu-Otoo, has said.
The licensed companies are authorised to procure food directly from farming communities and deliver the commodities to NAFCO warehouses nationwide.
“So far, we’ve licensed about 14 companies. They have their agents. Once you are licensed, you can go to places like Asutsuare to buy rice, deliver it to our warehouse and provide proof,” Mr Abradu-Otoo said in an interview on Face to Face on Channel One TV on Tuesday, February 3.
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He explained that all commodities supplied by the licensed companies are received and verified at NAFCO warehouses by designated officials, including storekeepers and regional managers, before being accepted into storage.
Mr Abradu-Otoo said pricing for the commodities is determined through a Price Determination Committee made up of representatives from key stakeholder institutions, including the Ministry of Food and Agriculture, the Peasant Farmers Association, the Rice Millers Association and NAFCO.
According to him, the committee relies on research and market data gathered from various locations across the country to agree on prices.
Once prices are agreed, they are submitted to the Public Procurement Authority (PPA) for review and approval. The PPA either approves the proposed prices or requests adjustments before granting final clearance.
“They give the final authority, and based on that, we announce the prices and proceed,” he said.
Mr Abradu-Otoo stressed that the process is designed to ensure transparency, accountability and compliance with procurement regulations, adding that NAFCO’s current focus is managing excess food supply.
“Our main concern right now is the glut,” he said.
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