Minister for Food and Agriculture, Bryan Acheampong, has revealed a comprehensive payment plan to resolve the arrears owed to suppliers of the National Buffer Stock Company.
With a commitment to maintaining positive business relationships, the Minister assured that all arrears would be paid by the end of August.
“We have initiated the necessary processes to transfer this sum to Buffer Stock and are hopeful that by mid-week, the first half of the outstanding amount will be sent to the suppliers,” Minister Acheampong stated in an address to Parliament on Tuesday, July 18, 2023.
He further emphasized the company’s appreciation for its suppliers and acknowledged their vital role in their operations.
Last week Bryan Acheampong, along with the Ministers of Education and Finance, was summoned by Speaker Alban S.K. Bagbin after a request from the Minority caucus.
The Minister expressed the company’s unwavering commitment to making prompt payments despite the challenges faced in recent weeks.
“By the end of August, we will have settled the remaining GH¢203 million owed by us, ensuring all suppliers receive their rightful dues,” he affirmed.
Buffer Stock’s significant business relationship with suppliers was outlined, with transactions totaling GH¢2.7 billion since 2017.
The amounts disbursed by the company for each year were as follows: GH¢81.1 million in 2017, GH¢296 million in 2018, GH¢441 million in 2019, GH¢476 million in 2020, GH¢691 million in 2021, and GH¢726 million in 2022.
While the recent turn of events took the Buffer Stock Company by surprise, the Agric Minister assured that they remain steadfast in overcoming challenges.
He explained that through the implementation of the payment plan, Buffer Stock aims to restore stability to its supplier relationships and continue its mission of ensuring food security for the nation.