The State Interests and Governance Authority (SIGA) has commended the National Food Buffer Stock Company (NAFCO) for recording a remarkable financial turnaround in 2025, describing it as one of the most impressive recoveries by a State-Owned Enterprise in Ghana.
According to SIGA, NAFCO moved from a loss of GH¢19 million in 2024 to a net profit of GH¢91.7 million in 2025, reflecting what the Authority described as the impact of disciplined governance, strategic leadership and institutional reforms.
Figures contained in NAFCO’s 2025 audited accounts submitted to SIGA show that the company’s gross profit margin increased significantly from 1.61 percent in 2024 to 13.96 percent in 2025. Return on Operating Assets also improved from a negative 63.80 percent to a positive 26.29 percent, indicating more efficient management and utilisation of company assets.
The company also paid GH¢20.3 million in taxes to the state in 2025, the highest annual tax contribution in its 16-year history.
SIGA attributed the turnaround to a series of reforms undertaken by the company, including the establishment of a dedicated Procurement Department, the strengthening of its Internal Audit function, the enhancement of its Food Safety Department, and the reconstitution of its Board and sub-committees.
The Authority also highlighted the strong collaboration between NAFCO’s Board, Management and Staff as a major factor behind the company’s improved performance.
As part of efforts to strengthen corporate governance, the Board has approved the convening of NAFCO’s first-ever Annual General Meeting since the company’s establishment in 2010.
Beyond its financial success, SIGA noted that NAFCO continues to play a critical role in Ghana’s food security agenda by helping to stabilise food prices, reduce post-harvest losses, support smallholder farmers and provide essential support for government programmes such as the Free Senior High School feeding initiative and National Food Reserve programmes.
Commenting on the achievement, Director-General of SIGA, Prof. Michael Kpessa-Whyte, said NAFCO’s performance demonstrates what can be achieved when sound governance principles are applied effectively.
“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 working closely with all Specified Entities to strengthen corporate governance, enhance accountability and ensure state investments deliver maximum value to the people of Ghana.
Below is the full statement issued by the State Interests and Governance Authority (SIGA):PRESS RELEASE
From Loss to Profit: NAFCO Delivers a Historic Turnaround
SIGA Commends National Food Buffer Stock Company on Exceptional 2025 Performance
The State Interests and Governance Authority (SIGA) commends the National Food Buffer Stock Company (NAFCO) for one of the most remarkable financial recoveries ever recorded by a State-Owned Enterprise in Ghana. In 2025, NAFCO erased a loss of GH¢19 million posted in 2024 and replaced it with a net profit of GH¢91.7 million. This is a testament to the transformative power of disciplined governance, strategic leadership, and institutional resolve.
According to NAFCO’s 2025 Audited Accounts submitted to SIGA, the Company’s gross profit margin surged from 1.61% in 2024 to 13.96% in 2025. This reflects decisive cost discipline and robust revenue growth. Return on Operating Assets rose dramatically from negative 63.80% to a positive 26.29%, signalling a profound improvement in how the company’s assets are deployed and managed. Crowning these achievements, NAFCO paid GH¢20.3 million in taxes to the State in 2025, the highest annual tax contribution in its 16-year history.
These gains were no accident. SIGA recognises that NAFCO’s turnaround was forged through a series of purposeful structural reforms: the establishment of a dedicated Procurement Department, a strengthened Internal Audit function, a fortified Food Safety Department, and the reconstitution of the Board and its sub-committees. The harmonious working relationship between the Board, Management and Staff proved equally decisive. In recognition of this milestone, the Board has approved the convening of NAFCO’s first-ever Annual General Meeting, which will be a landmark moment since the Company’s founding in 2010.
Profitability tells only part of the story. NAFCO remains an indispensable pillar of Ghana’s food security architecture. It is helping to stabilise food prices, reduce post-harvest losses, support smallholder farmers, which underpins critical government programmes including the Free Senior High School feeding and the National Food Reserve Initiatives. Its extensive storage network and food reserve operations continue to protect millions of Ghanaians from the volatility of food supply shocks.
“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.”
— Prof. Michael Kpessa-Whyte, Director-General, SIGA
SIGA reaffirms its commitment to working closely with all Specified Entities to deepen corporate governance, enforce accountability, and ensure that every cedi of state investment generates maximum value for the people of Ghana. The Authority will continue to provide intensified regulatory oversight to sustain and build upon NAFCO’s hard-won gains.
Issued by:
Corporate Affairs Unit
State Interests and Governance Authority (SIGA)
Accra, Ghana
info@siga.gov.gh
