SIGA commends Buffer Stock Company on exceptional 2025 performance

The State Interests and Governance Authority (SIGA) has commended the National Food Buffer Stock Company (NAFCO) for achieving one of the most remarkable financial turnarounds ever recorded by a State-Owned Enterprise in Ghana.

In 2025, NAFCO reversed a loss of GH¢19 million recorded in 2024 and posted a net profit of GH¢91.7 million, demonstrating the transformative impact of disciplined governance, strategic leadership and institutional resilience.

According to NAFCO’s 2025 audited accounts submitted to SIGA, the company’s gross profit margin increased significantly from 1.61 per cent in 2024 to 13.96 per cent in 2025, reflecting strong revenue growth and improved cost management.

Return on Operating Assets also improved dramatically, rising from a negative 63.80 per cent to a positive 26.29 per cent, indicating more efficient utilisation of the company’s assets.

Further underscoring its improved performance, NAFCO paid GH¢20.3 million in taxes to the state in 2025, the highest annual tax contribution in the company's 16-year history.

SIGA attributed the turnaround to a series of deliberate structural reforms, including the establishment of a dedicated Procurement Department, the strengthening of the Internal Audit function, the enhancement of the Food Safety Department, and the reconstitution of the Board and its subcommittees.

The authority also highlighted the strong collaboration between the Board, management and staff as a key factor behind the company's success.

In recognition of this milestone, NAFCO’s Board has approved the convening of the company's first-ever Annual General Meeting, marking a significant moment since its establishment in 2010.

Beyond its financial performance, NAFCO continues to play a vital role in Ghana’s food security architecture.

The company contributes to stabilising food prices, reducing post-harvest losses and supporting smallholder farmers, while underpinning critical government initiatives such as the Free Senior High School feeding programme and the National Food Reserve Initiative.

Its nationwide storage infrastructure and food reserve operations continue to shield millions of Ghanaians from food supply disruptions and market volatility.

“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 Director-General of SIGA, Professor Michael Kpessa-Whyte.

SIGA reaffirmed its commitment to working closely with all specified entities to strengthen corporate governance, promote accountability and ensure that state investments deliver maximum value to the people of Ghana.

The Authority also pledged to intensify its regulatory oversight to sustain and build upon NAFCO’s gains.