SIGA Hails NAFCO’s GH¢110m Turnaround as Blueprint for State-Owned Enterprise Reform
The State Interests and Governance Authority (SIGA) has commended the National Food Buffer Stock Company (NAFCO) for recording one of the most remarkable financial recoveries ever achieved by a State-Owned Enterprise in Ghana.
According to NAFCO’s 2025 Audited Accounts submitted to SIGA, the company erased a GH¢19 million loss posted in 2024 and replaced it with a net profit of GH¢91.7 million in 2025.
The SIGA said the turnaround is a testament to the transformative power of disciplined governance, strategic leadership and institutional resolve.
The financial transformation is evident in NAFCO’s key performance indicators.
Its gross profit margin surged from 1.61% in 2024 to 13.96% in 2025, reflecting decisive cost discipline and robust revenue growth. Return on Operating Assets also improved dramatically, rising from negative 63.80% to a positive 26.29%, a clear signal of more efficient deployment and management of the company’s assets.
In a further milestone, NAFCO paid GH¢20.3 million in taxes to the State in 2025, marking the highest annual tax contribution in its 16-year history.
The SIGA noted that the gains were not accidental but were forged through deliberate structural reforms.
These included 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 Authority also highlighted the harmonious working relationship between the Board, Management and Staff as equally decisive to the recovery. In recognition of this milestone, the Board has approved the convening of NAFCO’s first-ever Annual General Meeting, a landmark moment since the company’s founding in 2010.
Beyond profitability, SIGA stressed that NAFCO remains an indispensable pillar of Ghana’s food security architecture.
The company continues to help stabilise food prices, reduce post-harvest losses and support smallholder farmers.
These efforts underpin critical government programmes such as the Free Senior High School feeding programme and the National Food Reserve Initiative. Through its extensive storage network and food reserve operations, NAFCO continues 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,” said Prof. Michael Kpessa-Whyte, Director-General of SIGA.
The SIGA reaffirmed 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.
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