By: Fatou Krubally
The National Assembly has approved a significant amendment to the National Food Security Corporation Bill, increasing the Corporation’s capital base from one billion Dalasi to two billion Dalasi.
The move comes amid efforts to strengthen the corporation’s financial capacity and support local agricultural production.
The change to Clause 5 of the Bill, which deals with ownership and share structure, was proposed by Nominated Member Kebba Lang Fofana.
During the deliberations, he explained that the initial allocation of two million shares at five hundred Dalasi per share would yield only one billion Dalasi, which he argued would be insufficient to meet the Corporation’s operational and investment needs.
By increasing the value of each share to one thousand Dalasi, the capital base rises to two billion Dalasi, providing the Corporation with greater financial muscle to support the government’s agricultural agenda.
“GDC has faced liquidity challenges in the past. If the state is going to support it, we must do so meaningfully,” Hon Fofana told the Assembly, emphasizing that a higher capitalization would also allow the state to benefit more from potential share sales, which can constitute up to 30 per cent of the corporation’s total shares.
The amendment was met with broad approval from members, including those representing kiang West, and was formally adopted.
Other clauses, such as the objectives and functions of the Corporation, were also reaffirmed as part of the Bill during the session.
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