The National Food Buffer Stock Company (NAFCO) has recorded a “remarkable financial turnaround”, posting a net profit of GH¢91.7 million in 2025 after recording a loss of GH¢19 million the previous year. That’s according to the State Interests and Governance Authority(SIGA).
The achievement has earned praise from SIGA, which described the performance as one of the most significant recoveries by a State-Owned Enterprise in Ghana’s recent history.
According to NAFCO’s 2025 audited accounts submitted to SIGA, the company’s gross profit margin increased from 1.61 per cent in 2024 to 13.96 per cent in 2025, reflecting improved cost management and stronger revenue growth.
The company’s Return on Operating Assets also improved significantly, moving from a negative 63.80 per cent in 2024 to a positive 26.29 per cent in 2025.
In addition to its profitability, NAFCO paid GH¢20.3 million in taxes to the state in 2025, the highest annual tax contribution in the company’s 16-year history.
SIGA attributed the turnaround to a series of governance and operational reforms undertaken by the company. These include the establishment of a dedicated Procurement Department, the strengthening of the Internal Audit function, the enhancement of the Food Safety Department, and the reconstitution of the Board and its sub-committees.
SIGA stated that the strong working relationship between the Board, management and staff also played a critical role in the company’s success.
As part of efforts to consolidate the gains made, NAFCO’s Board has approved the convening of the company’s first-ever Annual General Meeting since its establishment in 2010.
Director-General of SIGA, Prof. Michael Kpessa-Whyte, described NAFCO’s performance as a shining example of what public institutions can achieve through sound governance.
“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 said.
Despite the financial performance, SIGA stressed that NAFCO’s contribution extends beyond profitability.
The Authority said the company remains a critical pillar of Ghana’s food security framework, helping to stabilise food prices, reduce post-harvest losses and support smallholder farmers. It also plays a key role in implementing government programmes such as the Free Senior High School feeding programme and national food reserve initiatives.
SIGA says it is committed to working with all specified entities to strengthen corporate governance, promote accountability and ensure that state investments deliver maximum value to Ghanaians. The Authority added that it will continue to intensify its regulatory oversight to sustain and build on the gains made by NAFCO.
