The National Food Buffer Stock Company (NAFCO) has recorded a major financial turnaround, moving from a GH¢19 million loss in 2024 to a net profit of GH¢91.7 million in 2025, according to its audited accounts submitted to the State Interests and Governance Authority (SIGA).
SIGA, in a statement, described the achievement as one of the most remarkable recoveries recorded by a State-Owned Enterprise in Ghana, attributing the success to improved corporate governance, strategic leadership, cost management, and institutional reforms.
The Authority said NAFCO’s gross profit margin increased significantly from 1.61 per cent in 2024 to 13.96 per cent in 2025, reflecting stronger revenue performance and improved operational efficiency.
The company’s Return on Operating Assets also improved from a negative 63.80 per cent to a positive 26.29 per cent within the same period, indicating better utilisation and management of its resources.
NAFCO further recorded its highest annual tax contribution in its 16-year history, paying GH¢20.3 million to the state in 2025.
SIGA said the transformation was driven by deliberate governance reforms, including the establishment of a dedicated Procurement Department, strengthening of the Internal Audit function, improvements in the Food Safety Department, and the restructuring of the company’s Board and sub-committees.
The Authority also highlighted the cooperation between NAFCO’s Board, management, and staff as a key factor behind the company’s improved performance.
As part of the milestone, the NAFCO Board has approved the organisation of the company’s first-ever Annual General Meeting since its establishment in 2010.
Beyond its financial gains, SIGA noted that NAFCO continues to play a critical role in Ghana’s food security system by helping to stabilise food prices, reduce post-harvest losses, support smallholder farmers, and contribute to national programmes such as the Free Senior High School feeding initiative and the National Food Reserve Initiatives.
SIGA Director-General, Prof. Michael Kpessa-Whyte, said NAFCO’s achievement demonstrates what public institutions can achieve when governance principles are effectively applied.
“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.
SIGA reaffirmed its commitment to strengthening corporate governance, accountability, and oversight among state institutions to ensure public investments deliver maximum value for Ghanaians.
Source: www.kumasimail.com
