The National Food Buffer Stock Company (NAFCO) has recorded one of the most dramatic financial recoveries by a State-Owned Enterprise (SOE) in Ghana, posting a net profit of GH¢91.7 million in 2025 after reporting a loss of GH¢19 million the previous year.
The achievement has earned commendation from the State Interests and Governance Authority (SIGA), which described the performance as a testament to the impact of strong corporate governance, strategic leadership and institutional reforms.
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According to NAFCO’s 2025 audited accounts submitted to SIGA, the company significantly improved its financial performance across key indicators. Gross profit margin rose from 1.61 percent in 2024 to 13.96 percent in 2025, reflecting stronger revenue generation and enhanced cost management measures.
The company also recorded a remarkable turnaround in asset utilisation, with its Return on Operating Assets improving from a negative 63.80 percent in 2024 to a positive 26.29 percent in 2025.
In addition to returning to profitability, NAFCO made a record tax contribution of GH¢20.3 million to the state, the highest annual tax payment since its establishment in 2010.
SIGA attributed the turnaround to a series of governance and operational reforms implemented by the company. These include 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 noted that the strong collaboration between the Board, Management and Staff also played a critical role in delivering the improved results.
As part of efforts to strengthen accountability and transparency, NAFCO’s Board has approved the convening of the company’s first-ever Annual General Meeting (AGM), a significant milestone in its 16-year history.
Beyond its financial success, SIGA highlighted NAFCO’s continued role in safeguarding Ghana’s food security through the management of strategic food reserves, reduction of post-harvest losses, support for smallholder farmers and implementation of government programmes such as the Free Senior High School feeding initiative.
The company’s storage infrastructure and food reserve operations have also been instrumental in helping to stabilise food prices and cushion consumers against supply disruptions.
Commenting on the achievement, Director-General of SIGA, Michael Kpessa-Whyte, said:
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 added that SIGA remains committed to working closely with state-owned enterprises to strengthen corporate governance, enforce accountability and ensure state investments deliver maximum value to citizens.
The authority said it will continue to provide enhanced regulatory oversight to help sustain NAFCO’s gains and encourage similar performance improvements across other specified entities under its supervision.
