Business News of 2014-02-07

FSG unhappy over privatization of National Buffer Stock Company

Food Sovereignty Ghana, (FSG) has expressed worry about government’s plans to privatize the National Food Buffer Stock Company (NBSC).

Mr Clement Kofi Humado, Minister of Food and Agricultural, announced that legislative processes were underway to have private investors take over the company as it had no money to pump into it.

A statement signed by Mr Duke Tagoe, Deputy Chairperson of Food Sovereignty Ghana, and copied to Ghana News Agency on Wednesday said FSG saw the move from NBSC as a commodity exchange yet to be moved against Ghanaian farmers by government.

“The move by the Mr Clement Kofi Humado and Parliament wish to create a whole new class of profiteering middle men and gamblers to suck investment out of agriculture”, it said.

The statement said the privatization by the minister and Parliament would give Ghana an independent and sovereign food supply, adding with the private support it would mean the big players have the big money and could provide the most support, “which means the most control”.

It called on government not to privatize the NBSC, as it would be like “Putting our buffer stock in charge of speculators, is like putting Count Dracula in charge of a Blood Bank”, the statement added.

Source: GNA
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