The National Food Buffer Stock Company (NAFCO) has recorded a dramatic financial turnaround, posting a net profit of GH¢91.7 million in 2025 after reporting a loss of GH¢19 million the previous year, according to the State Interests and Governance Authority (SIGA).
SIGA, in a statement commending the state-owned enterprise, described the achievement as one of the most remarkable recoveries by a public institution in Ghana, attributing the performance to strengthened governance, strategic leadership and institutional reforms.
According to NAFCO’s 2025 audited accounts submitted to SIGA, the company significantly improved its profitability indicators during the year. Its gross profit margin rose from 1.61 percent in 2024 to 13.96 percent in 2025, while Return on Operating Assets improved from a negative 63.80 percent to a positive 26.29 percent, reflecting enhanced operational efficiency and better utilisation of resources.
The company also made a record tax contribution of GH¢20.3 million to the state in 2025, the highest annual tax payment since its establishment 16 years ago.
SIGA credited the turnaround to a series of governance and operational reforms implemented by the company. These include the establishment of a dedicated Procurement Department, the strengthening of its Internal Audit function, improvements in food safety oversight, and the reconstitution of its Board and board sub-committees.
The authority also highlighted the collaborative relationship between NAFCO’s Board, management and staff as a key factor behind the company’s improved performance.
As part of efforts to strengthen corporate governance, NAFCO’s Board has approved plans to hold the company’s first-ever Annual General Meeting since its establishment in 2010, a move expected to enhance accountability and stakeholder engagement.
Beyond its financial gains, SIGA noted that NAFCO continues to play a vital role in Ghana’s food security system. The company supports efforts to stabilise food prices, reduce post-harvest losses and provide a reliable market for smallholder farmers. It also remains a critical partner in government programmes, including the Free Senior High School feeding initiative and national food reserve operations.
Director-General of SIGA, Prof. Michael Kpessa-Whyte, said NAFCO’s performance demonstrates the impact of effective governance in public institutions.
“NAFCO’s achievement is a compelling demonstration of what Ghanaian public institutions can accomplish when governance principles are rigorously applied. It is a model we call upon all Specified Entities to emulate,” he stated.
SIGA reaffirmed its commitment to supporting state-owned enterprises through enhanced oversight, accountability measures and governance reforms aimed at maximising value from public investments and improving service delivery to Ghanaians.
