The Managing Director of the Ghana Publishing Company, Nana Kwasi Boatey has revealed that before the new administration took office, the company was in dire financial straits, with a bank balance of GHC400,000.
This situation he says forced Management to resort to an overdraft facility to pay staff salaries in January 2025.
Speaking during a visit by President John Mahama to the facility on January 8, the MD said that since the new administration assumed office, the company’s financial position has improved significantly.
He disclosed that Management has been able to place GHC15 million in a fixed deposit account.
“So we took a decision to take inspiration from the 24-hour economy. And I met Management and gave them ultimatums that in three weeks, we’re starting a night shift, which made it two shifts, to be able to cut the numbers and make it useful. Otherwise, we’re supposed to sack 100 people.
Lo and behold, we did. And it is the best thing that, in my opinion, has happened to this company. Gazettes that were taking eight weeks now started coming in in three weeks. And we’re able to introduce a 24-hour gazette turnaround. So if you came today, you could get it tomorrow. It gave us avenue to take a little more revenue,” Mr Boatey told President Mahama.
According to him, “And since then, the revenues have improved drastically. We’ve been able to, based on that, done a few things. We’ve opened up a new digital press center, fully furnished from a completely non-existing facility, a warehouse. And the financials of the company has also significantly improved. When we came in February, the bank balance, and because you are here and it’s your company, I can tell you, was GHC400,000. And in January, the company paid salaries with an overdraft.”
Mr Boatey added that, “So that was a company that was in dire streets. In the 10 months that we’ve been here, in December, we paid a 13-month salary to the staff without borrowing. We’ve also committed to paying a 40% because salaries were very low, a 40% up.
And Mr. President, I’m happy to announce to you that as of yesterday, we put back a fixed deposit of GHC15 million in the bank in the last 10 months. So those are the dynamics. We are very optimistic, having also tooled the place significantly, that we’ve got enough government jobs. And so far, we’re getting some jobs. But if we’ve got government jobs, GES jobs, and with a lot of commitment, we’ll be able to do it.
President John Mahama, in his remarks, said the 24-Hour Authority will be established soon. He said this will pave the way for the implementation of the policy, including the registration of all businesses that will participate in the initiative, as well as clearly outlining the incentives to be provided.
“… when we start the printing of the textbooks and learning materials, Ghana Publishing should get a big chunk of that contract so that you can raise more money to continue the retooling exercise that you are doing. But I like the innovative thinking that you have brought into this establishment,” the President said.
He noted that, “the 24-hour economic initiative is one of the flagship economic policies of this government. I’m happy to note that the committee has finished considering it and it’s supposed to go onto the floor of Parliament to set up the 24-hour authority, which would then open the way for implementation and registration of all the businesses that will be involved in the 24-hour economic initiative. And it will also spell out what kind of incentives can be given.
And I’m sure that when that is done, because you guys have already started a two-shift 24-hour operation, you should be among the first to register so that you can benefit and raise the status of your business.”
