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Business News of Tuesday, 28 July 2020

Source: www.ghanaweb.com

Coronavirus: Food buffer stock system key for post-harvest recovery - IEA

Director of Research at the Institute of Economic Affairs (IEA) has urged the central bank, to be reactive in its development finance function geared towards a post coronavirus pandemic recovery.

According to Dr John Kwakye, the BoG as a matter of priority must create a department within the bank or a separate development finance institution outside the bank to go beyond its narrow price stability mandate to support the economy.

Speaking at a press briefing in Accra on Tuesday, July 28, 2020, Dr Kwakye said; “One key area that the BoG can offer direct support to the economy is the food buffer stock system, given the high incidence of post-harvest losses in the country”.

Though Dr Kwakye commends the BoG for being somewhat involved in such a scheme recently, he is urging it to further develop in that role in order to scale it up to advance the economy.

Data released by the Ghana Statistical Service (GSS) revealed that for the first quarter of 2020, the agriculture sector expanded by 2.8 percent and the industry sector by 1.5 percent.

Some economists, civil society and advocacy groups have all urged government to set up an Agriculture Sector Investment Fund to help address the resource constraints for achieving food security for a post-harvest recovery as a result of the coronavirus pandemic.