The National Food Buffer Stock Company Limited (NAFCO) has put in place a five-year strategic plan to scale up operational efficiency and ensure all-round growth.

The strategic plan defines a clearer role, roadmap, quantify intended strategies and operations and recommend possible funding options and sources.

The Chief Executive Officer of NAFCO, Mr. Hanan Abdul-Wahab addressing participants at a three-day retreat at Akosombo noted that “the value propositions of the five year strategic plan is food availability, price stabilisation, food security, financial security of local farmers and food nutrition.

"The strategic goals are also to increase the financial resources available to NAFCO, increase cereal and grains stock reserves, and improve nutrition through the availability of cereals and diverse food in an equitable manner,” he added.

According to him NAFCO remains a delicate state establishment in promoting food security in Ghana, and in the wake of the Covid-19 pandemic and the lockdown, NAFCO played a critical role in government’s provision of cooked and dry foods to vulnerable Ghanaians.

He also explained that NAFCO “significantly contributed to the successful implementation of government’s flagship programme, Free SHS, specifically, in the area of feeding of 1.2 million students daily”

The three-day Board and Management retreat held at the behest of Henry Nana Boakye ESQ (Board Chairman) and Mr. Hanan Abdul-Wahab (CEO), saw NAFCO share some extensive engagement with experts and stakeholders to draft a much responsive and relevant five-year strategic plan.

The Board Chairman, Henry Nana Boakye speaking to the participants observed that it is expected that the five-year strategic plan will enable NAFCO to perform its mandate in excellence.

“Aside from driving the attainment of the strategic plan, the Board is engaging government at the highest level to address militating challenges against NAFCO's strategic security mandate to the people of Ghana”

The Director-General of State Interest and Governance Authority (SIGA), Mr. Asamoah-Boateng, who opened the three-day retreat, commended the board for initiating the strategic drive, and was optimistic that other SOEs would emulate NAFCO.

He reiterated that government will no longer countenance expenditure on state enterprises that fail to be productive.

"The NAFCO story over the past five years is worth studying. Without state funding or support, they have been able to turn around an almost collapsed entity into a profit-making one and this shows that once some support is given, the sky could be the limit. It is a state agency to watch," he said.

Stakeholders present were the Parliamentary Select Committee on Agriculture and Cocoa Affairs led by John Osei-Frimpong (MP for Abirem), Emmanuel Anhwere and Dr. Seidu Jasaw; Joseph Cudjoe (Minister of Public Enterprise); Gifty Twum Ampofo (Deputy Minister of Education); Stephen Asamoah Boateng (CEO of State Interests and Governance Authority) and Asante Krobea from the Ministry of Food and Agriculture.

NAFCO was incorporated under the Companies Code of Ghana, 1963, Act 179 on March 11, 2010.

It is a limited liability company, 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.