The State Interests and Governance Authority (SIGA) has lauded the National Food Buffer Stock Company (NAFCO) for achieving what it describes as one of the most remarkable financial recoveries by a State-Owned Enterprise in Ghana, after the company moved from a GH¢19 million loss in 2024 to a net profit of GH¢91.7 million in 2025.
According to a statement issued by SIGA, the turnaround reflects the impact of strengthened corporate governance, strategic leadership, and institutional reforms implemented across the company.
The authority noted that NAFCO’s audited accounts for 2025 revealed significant improvements in key financial indicators. Gross profit margin increased from 1.61 percent in 2024 to 13.96 percent in 2025, while Return on Operating Assets improved dramatically from negative 63.80 percent to a positive 26.29 percent.
In addition to returning to profitability, NAFCO paid GH¢20.3 million in taxes to the state in 2025, marking the highest annual tax contribution in the company’s 16-year history.
SIGA attributed the achievement to a series of structural and governance reforms undertaken by the company. These included the creation of a dedicated Procurement Department, strengthening of the Internal Audit function, enhancement of the Food Safety Department, and the reconstitution of the Board of Directors and its sub-committees.
The authority also highlighted the strong collaboration between NAFCO’s Board, management, and staff as a key factor behind the company’s success.
As part of its governance milestones, NAFCO’s Board has approved plans to hold the company’s first-ever Annual General Meeting since its establishment in 2010.
Beyond its financial performance, SIGA emphasized NAFCO’s critical role in Ghana’s food security system. The company continues to support food price stabilization, reduce post-harvest losses, assist smallholder farmers, and underpin government programmes such as the Free Senior High School feeding initiative and National Food Reserve operations.
Speaking on the achievement, Michael Kpessa-Whyte, Director-General of SIGA, said the company’s performance should serve as a benchmark for other 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 strengthening corporate governance and accountability across all specified entities, stressing that effective oversight remains essential to ensuring state investments deliver maximum value to the Ghanaian people.
The authority pledged to continue providing intensified regulatory supervision to sustain NAFCO’s gains and encourage similar success stories across Ghana’s state-owned enterprises.
Story: Patrick Asford Boadu
