Government to boost maize supply to stabilise prices

Government is to release stock-piles of maize to help ease the current high price of the commodity on the market, Chief Executive Officer of National Food Buffer Stock Company (NAFCO), Eric Osei-Owusu said in Accra on Thursday.

Addressing a press conference to announce the decision, Mr Osei-Owusu attributed the unusual price increase to speculative buying by major consumers.

Maize prices for 100 kilogramme bag on the market, ranges from GH¢70 to GH¢100.

However, government will sell a 50 kilogramme of maize for GH¢27.50.

Mr Osei-Owusu said the Ivorian crisis, the recent unrest in Burkina Faso and the rising world price of maize had all contributed in creating panic on the market.

However, he would not give the quantity of maize to be discharged but gave the assurance that the volumes would be enough to help stabilise prices.

“Our decision to release stocks of maize is to help stabilise pricing using the buffer stock mechanism. We believe this will normalise the maize trade situation,” he said.

Mr Osei-Owusu said NAFCO would continue to monitor the maize price trend and make necessary interventions to ensure availability of fair-pricing of the commodity.

He said the procedure for purchase was to contact the NAFCO Head Office at the Ministry of Food and Agriculture (MOFA) in Accra.

Source: GNA