NAFCO reports GH¢91.7m profit and implements new audit reforms

The National Food Buffer Stock Company (NAFCO) has reported a profit of GH¢91.7 million, signaling improved financial stability and food security capacity in Ghana. During the company’s maiden Annual General Meeting, Minister for Food and Agriculture Eric Opoku noted that improved procurement and stock management have strengthened the nation’s ability to manage food supply pressures.

As a result of this improved position, NAFCO will release 50,000 bags of 50-kilogramme rice to settle a long-standing obligation to the Economic Community of West African States (ECOWAS) dating back to 2018. The company’s ability to repay the debt without compromising national reserves is attributed to prudent management and increased domestic production, including a 2025 maize harvest of approximately 4.6 million tonnes.

NAFCO CEO George Abradu-Otoo highlighted significant internal reforms aimed at increasing accountability. He revealed that prior to his tenure, the agency lacked a dedicated audit department, which allowed for unchecked use of taxpayer resources. Since taking office, the CEO has implemented new controls regarding auditing, procurement, and food safety to ensure expenditures translate into tangible value and that purchases align with operational needs.