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3 clusters · 10 sources · 6 days · First seen · Last updated

Ghana NAFCO financial recovery and debt repayment

Overview

Ghana is settling a long-standing debt to the Economic Community of West African States (ECOWAS) by releasing 50,000 bags of 50-kilogramme rice. The grain was originally borrowed in 2018 to support the national School Feeding Programme during a period of depleted food reserves.

Food and Agriculture Minister Eric Opoku attributed the repayment to improved management and stronger procurement of food commodities. The National Food Buffer Stock Company (NAFCO) reported a significant financial turnaround, recording a net profit before tax of GH¢91.7 million in 2025, reversing a GH¢19.4 million loss from 2024. This marks the highest profit recorded by the company in its 16-year history. Additionally, the company’s gross profit margin rose from 1.61 per cent to 13.96 per cent during this period.

Despite these gains, NAFCO CEO George Abradu-Otoo noted that the company’s liquidity buffer remains marginal. While the acid-test ratio improved from 1.07 in 2024 to 1.18 in 2025, the company is targeting a ratio above 1.5 to better manage short-term obligations. Mr. Abradu-Otoo has called on the government, as the majority shareholder, to address working capital management to ensure long-term sustainability.

To support this recovery, NAFCO has implemented internal reforms to increase accountability, including the establishment of a dedicated audit department and new controls regarding procurement and food safety. These measures aim to ensure that expenditures translate into tangible value and that taxpayer resources are managed effectively.

Entities

George Abradu-Otoo · National Food Buffer Stock Company · Ghana · ECOWAS · Eric Opoku

Timeline

  1. [BUSINESS] 4 sources
    NAFCO reports record GH¢91.7m profit while seeking stronger liquidity

    NAFCO recorded a record GH¢91.7 million profit in 2025, but CEO George Abradu-Otoo is seeking government support to strengthen the company's marginal liquidity and acid-test ratio.

  2. [BUSINESS] 5 sources
    NAFCO reports GH¢91.7m profit and implements new audit reforms

    Ghana’s NAFCO has reported a GH¢91.7 million profit and implemented new audit controls, enabling the company to repay a long-standing rice debt to ECOWAS while strengthening national food reserves.

  3. [BUSINESS] 3 sources
    Ghana to repay ECOWAS rice debt with 50,000 bags of grain

    Ghana will repay its 2018 ECOWAS rice debt by releasing 50,000 bags of grain through NAFCO, following a major financial turnaround for the state buffer stock company.

Sources

adomonline.com · agriwatchgh.com · asaaseradio.com · chale.news · dailyagricnews.com · ghanaguardian.com · ghananewss.com · myjoyonline.com · thechronicle.com.gh · thehighstreetjournal.com

This summary has been updated 1 time: see revision history