The Chief Executive Officer of the National Food Buffer Stock Company (NAFCO), George Abradu-Otoo, has disclosed that the company was operating at a loss before he assumed office on February 3, 2025, but has since recorded a significant financial and institutional turnaround.

Speaking on the JoyNews AM Show on Friday, February 6, Mr Abradu-Otoo said NAFCO had acquired a negative reputation due to persistent losses and weak internal structures before his appointment.

“Buffer Stock was a loss-making company before I took over. As at 31st December 2024, the company recorded a loss of 19 million Ghana cedis,” he stated.

According to him, his appointment came with a clear mandate to stabilise the company’s operations, particularly its core responsibility of purchasing excess produce from farmers during glut periods, while also managing food supply arrangements linked to the School Feeding Programme.

“And so far, so good. It has been tremendous. The turnaround has been almost magical,” the NAFCO CEO said.

Mr Abradu-Otoo revealed that the company has now posted a post-tax profit of 68 million Ghana cedis, representing a sharp reversal from its previous financial position. He explained that profit before tax stood at about 91 million Ghana cedis, with all applicable taxes paid.

“In simple terms, we moved from negative 19 million to positive 68 million Ghana cedis,” he noted, adding that NAFCO is projecting a profit of about 126 million Ghana cedis for the current financial year.

He attributed the improved performance not only to stronger financial management, but also to deep governance and organisational reforms implemented after he took office. According to him, several critical departments, including audit, procurement and food safety, were either non-functional or non-existent.

“We deal with food, and it was tragic for a company like Buffer Stock not to have a functional food safety department,” he said.

Mr Abradu-Otoo explained that restructuring these departments and recruiting competent professionals to lead them has been central to the company’s recovery.

“The support I’m getting from the heads of department is unimaginable, and it’s all contributing to the turnaround we’re experiencing now,” he added.

NAFCO plays a key role in Ghana’s agricultural and food security framework by supporting farmers, stabilising food prices and supplying strategic institutions, making its improved performance significant within the broader national economic context.