The National Food Buffer Stock Company (NAFCO) has recorded a profit of GHC91 million before tax for the 2025 financial year, reversing a GHC19 million loss it incurred as of December 31, 2024, under the previous administration, Chief Executive Officer George Abradu-Otoo has said.
According to Mr Abradu-Otoo, the earlier loss was the result of poor management practices, weak accountability systems, the absence of corporate governance structures and a lack of an internal audit mechanism.
“We inherited a company that had no pillars of corporate governance and no internal audit. That is what accounted for the GHC19 million loss,” he said.
He attributed the company’s financial turnaround to improved management and renewed focus on accountability, adding that staff welfare has also been a priority under his leadership.
“Good management is accounting for the progress we are seeing at the National Food Buffer Stock Company,” he stated.
Mr Abradu-Otoo disclosed that the World Food Programme (WFP) and the ECOWAS Commission are supporting the renovation and modernization of some warehouses in northern Ghana at no cost to the company. The support includes the addition of laboratory facilities to improve quality control and storage standards.
As part of efforts to enhance supervision and efficiency, NAFCO has also procured 16 brand new pickup vehicles for its regional managers and revamped its regional offices across the country.
He urged farmers to engage directly with the company’s regional offices, noting that decentralization is key to improving operations. He further revealed that his long-term vision is to establish a NAFCO warehouse in every district nationwide.
On procurement policy, the CEO stressed that the company is strictly enforcing its “Ghana rice only” policy.
“Any supplier who flouts this policy will have his or her license revoked,” he warned.
Mr Abradu-Otoo said the company has remained committed to the timely payment of suppliers, which, according to him, explains the absence of protests or agitations in recent times.
However, he acknowledged ongoing challenges related to legacy debts.
“Every day, suppliers come to my office to complain about being owed since 2023,” he said.
He admitted that NAFCO’s purchasing, processing and storage procedures can be slow, describing them as “painfully slow” at times, but appealed to Ghanaian farmers to remain patient as the company works to streamline its operations.
Despite the challenges, he maintained that the company is on a positive trajectory and remains committed to supporting local farmers and strengthening Ghana’s food security system.
Source: www.kumasimail.com
