SIGA commends National Food Buffer Stock Company for financial recovery
The State Interests and Governance Authority (SIGA) has commended the National Food Buffer Stock Company (NAFCO) for a remarkable financial recovery.
In 2025, NAFCO erased a loss of GH¢19 million posted in 2024 and replaced it with a net profit of GH¢91.7 million.
This is a testament to the transformative power of disciplined governance, strategic leadership, and institutional resolve, SIGA said in a statement commending NAFCO.
According to NAFCO’s 2025 Audited Accounts submitted to SIGA, the company’s gross profit margin surged from 1.61 per cent in 2024 to 13.96 per cent in 2025.
This reflects decisive cost discipline and robust revenue growth.
Return on Operating Assets rose from negative 63.80 per cent to a positive 26.29 per cent, signalling a profound improvement in how the company’s assets are deployed and managed, according to the SIGA statement.
Crowning these achievements, NAFCO paid GH¢20.3 million in taxes to the state in 2025, the highest annual tax contribution in its 16-year history.
SIGA indicated that it recognises that NAFCO’s turnaround was forged through a series of purposeful structural reforms: 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.
It said the harmonious working relationship between the board, management and staff proved equally decisive.
In recognition of this milestone, the board has approved the convening of NAFCO’s first-ever Annual General Meeting, which will be a landmark moment since the company’s founding in 2010.
SIGA indicated that NAFCO remains an indispensable pillar of Ghana’s food security architecture and that it was helping to stabilise food prices, reduce post-harvest losses, support smallholder farmers, which underpins critical government programmes including the Free Senior High School feeding and the National Food Reserve Initiatives.
It said its extensive storage network and food reserve operations continue 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,” the Director-General of SIGA, Prof. Michael Kpessa-Whyte stated.
He said SIGA reaffirms its commitment to working closely with all Specified Entities to deepen corporate governance, enforce accountability, and ensure that every cedis of state investment generates maximum value for the people of Ghana.
The Authority will continue to provide intensified regulatory oversight to sustain and build upon NAFCO’s hard-won gains, it added.