By Makutu Manneh
Personnel of the National Food Processing, Security and Marketing Corporation (NFPSMC) and the Minister of Agriculture, last Friday briefed President Adama Barrow on the need for the re-capitalization of the corporation.
Demba Sabally, the Minister of Agriculture said re-capitalization and development of the cooperative societies are NFPSMC’s main challenges.
“NFPSMC has been involved in the importation of rice and oil and when they got into the business, they were able to make a serious reduction in the price of rice and oil. Now that the capital of the corporation is weak, the main challenge is to re-capitalize the cooperative societies in the country that are very weak and are having trouble with their agents spreading all over the country in the buying and selling of fertilizer and groundnuts, on behalf of the GGC. These are the major stumbling blocks of the NFPSMC,” the Minister said.
He said the president is aware of these challenges and has assured the corporation and the board chairperson Seyfo FalaloTouray of his support, adding that he will speak with the Minister of Finance for any possibility at least, for a startup.
This month, the Minster has informed Members of the National Assembly that Cabinet has approved his Ministry’s four-year re-capitalization plan which he said has been sent to the Ministry of Finance, and is awaiting a response.
