Ghana Publishing Company was in dire financial straits before new administration – MD

The Managing Director of the Ghana Publishing Company, Nana Kwasi Boatey, has disclosed that the company was in severe financial distress before the current administration assumed office, with a bank balance of just GH¢400,000.

According to him, the precarious situation compelled management to rely on an overdraft facility to pay staff salaries in January 2025.

Speaking during a visit by President John Dramani Mahama to the company’s premises, Mr Boatey said the financial fortunes of the state-owned publishing house have improved significantly since the new administration took office.

He revealed that management has been able to place GH¢15 million in a fixed deposit account within ten months, describing the development as a major turnaround.

“As of yesterday, we placed GH¢15 million in a fixed deposit account. When we took over in February, the bank balance we met was just GH¢400,000, and in January, salaries were paid with an overdraft. That was a company in dire straits,” he said.

Mr Boatey attributed the turnaround to operational reforms inspired by the government’s 24-hour economy policy. He explained that management introduced a two-shift system, including night operations, to boost productivity and revenue.

“We took a bold decision to implement a night shift. Management agreed that within three weeks, we would begin a two-shift system. Otherwise, we would have had to lay off about 100 workers. In my opinion, it turned out to be the best decision for the company,” he noted.

He said the reforms drastically reduced turnaround times, particularly for government gazettes.

“Gazettes that previously took eight weeks are now completed in three weeks. We have introduced a 24-hour gazette turnaround—if you submit today, you get it tomorrow. This has helped increase revenue significantly,” he added.

Mr Boatey also disclosed that the improved financial position has enabled the company to fully establish a digital press centre and warehouse from scratch.

As part of the gains made, management has committed to improving staff welfare, including a 40 per cent increase in salaries.

“In December, for the first time in years, we paid a 13th-month salary without borrowing. We have also committed to a 40 per cent salary increase because remuneration levels were previously very low,” he said.

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