The National Food Buffer Stock Company (NAFCO) in collaboration with the Ministry of Food and Agriculture on Monday announced the Minimum Guaranteed Price for rice, maize and soya beans for the 2012-13 crop seasons.

The farm gate price for an 85-kilogramme bag of paddy rice is GH¢50.00 whiles the price for a 100-kilogramme of maize was GH¢60.00.

Mr. Eric Osei Owusu, NAFCO Chief Executive Officer who made the announcement in Accra, added that the farm gate price for a 100-kilogramme bag of soya bean had been pegged at GH60.00.

The price is a little bit lower than the 2011-12 crop season for soya bean which was GH¢70.00.

Mr. Owusu explained that the price differential for soya bean over the previous years was due to better farming practices that were implemented by the farmers during the planting season.

He said the practices included improved seeds and fertilizer application.

Mr. Owusu explained that the Company had focused on the three crops (rice, maize and soya bean) due to its contribution to Ghana’s food security and nutrition.

He said as NAFCO matured, it would include other staple food crops to the existing portfolio.

The Minimum Guaranteed Prices are considered by the Post-Harvest Committee and approved by the Board of NAFCO which the Minister of Food and Agriculture, Mr. Kwesi Ahwoi, serves as the Chairman.

For the 2011-12 crop seasons, the farm gate prices were: GH¢40.00 for paddy rice (85 kilogramme), GH¢50.00 for maize (100 kilogramme) and GH¢70 for soya bean (100 kilogramme).