The National Food Buffer Stock Company (NAFCO) has recorded a remarkable financial recovery, posting a net profit of GH¢91.7 million in 2025 after reporting a loss of GH¢19 million in 2024.
The achievement was announced by the State Interests and Governance Authority (SIGA), which described the performance as one of the most significant turnarounds by a State-Owned Enterprise in Ghana in recent years.
According to NAFCO’s 2025 audited financial statements submitted to SIGA, the company’s gross profit margin increased substantially from 1.61 per cent in 2024 to 13.96 per cent in 2025, reflecting stronger revenue growth and improved cost management measures.
The company’s Return on Operating Assets also saw a dramatic improvement, rising from a negative 63.80 per cent in 2024 to a positive 26.29 per cent in 2025.
NAFCO’s improved financial position translated into a record tax contribution of GH¢20.3 million to the state in 2025, the highest annual tax payment in the company’s 16-year history.
SIGA attributed the turnaround to a series of governance and operational reforms implemented by the company. These measures included the establishment of a dedicated Procurement Department, the strengthening of the Internal Audit function, enhancements to the Food Safety Department, and the reconstitution of the Board of Directors and its sub-committees.
The Authority also credited the strong collaboration between the Board, management and staff for contributing significantly to the company’s improved performance.
As part of efforts to sustain the gains achieved, NAFCO’s Board has approved plans to convene the company’s first-ever Annual General Meeting since its establishment in 2010.
Director-General of SIGA, Prof. Michael Kpessa-Whyte, praised NAFCO’s performance, describing it as a model of effective governance and institutional accountability.
“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 impressive financial results, SIGA emphasised that NAFCO’s importance extends beyond profitability.
According to the Authority, the company remains a vital component of Ghana’s food security architecture, helping to stabilise food prices, reduce post-harvest losses and support smallholder farmers across the country.
NAFCO also continues to play a crucial role in implementing key government interventions, including the Free Senior High School feeding programme and national food reserve initiatives.
SIGA reaffirmed its commitment to strengthening corporate governance and accountability across all specified entities, noting that it will continue to intensify regulatory oversight to ensure state investments deliver maximum value to Ghanaians while sustaining the progress achieved by institutions such as NAFCO.
