{"id":110530,"date":"2026-01-09T15:49:09","date_gmt":"2026-01-09T15:49:09","guid":{"rendered":"https:\/\/sotnews.agency\/?p=110530"},"modified":"2026-01-09T15:49:09","modified_gmt":"2026-01-09T15:49:09","slug":"ghana-publishing-company-was-in-dire-financial-straits-before-new-administration-md","status":"publish","type":"post","link":"https:\/\/sotnews.agency\/?p=110530","title":{"rendered":"Ghana Publishing Company was in dire financial straits before new administration \u2013 MD"},"content":{"rendered":"<div class='booster-block booster-read-block'>\n                <div class=\"twp-read-time\">\n                \t<i class=\"booster-icon twp-clock\"><\/i> <span>Read Time:<\/span>1 Minute, 54 Second                <\/div>\n\n            <\/div><div>\n<p>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\u00a2400,000.<\/p>\n<p>According to him, the precarious situation compelled management to rely on an overdraft facility to pay staff salaries in January 2025.<\/p>\n<p>Speaking during a visit by President John Dramani Mahama to the company\u2019s premises, Mr Boatey said the financial fortunes of the state-owned publishing house have improved significantly since the new administration took office.<\/p>\n<p>He revealed that management has been able to place GH\u00a215 million in a fixed deposit account within ten months, describing the development as a major turnaround.<\/p>\n<figure class=\"wp-block-audio\"><audio controls src=\"https:\/\/sotnews.agency\/wp-content\/uploads\/2026\/01\/GHANA-PUBLISH.mp3\"><\/audio><\/figure>\n<p>\u201cAs of yesterday, we placed GH\u00a215 million in a fixed deposit account. When we took over in February, the bank balance we met was just GH\u00a2400,000, and in January, salaries were paid with an overdraft. That was a company in dire straits,\u201d he said.<\/p>\n<p>Mr Boatey attributed the turnaround to operational reforms inspired by the government\u2019s 24-hour economy policy. He explained that management introduced a two-shift system, including night operations, to boost productivity and revenue.<\/p>\n<p>\u201cWe 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,\u201d he noted.<\/p>\n<p>He said the reforms drastically reduced turnaround times, particularly for government gazettes.<\/p>\n<p>\u201cGazettes that previously took eight weeks are now completed in three weeks. We have introduced a 24-hour gazette turnaround\u2014if you submit today, you get it tomorrow. This has helped increase revenue significantly,\u201d he added.<\/p>\n<p>Mr Boatey also disclosed that the improved financial position has enabled the company to fully establish a digital press centre and warehouse from scratch.<\/p>\n<p>As part of the gains made, management has committed to improving staff welfare, including a 40 per cent increase in salaries.<\/p>\n<p>\u201cIn 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,\u201d he said.<\/p>\n<\/div>\n        <div class=\"booster-block booster-reactions-block\">\n            <div class=\"twp-reactions-icons\">\n                \n                <div class=\"twp-reacts-wrap\">\n                    <a react-data=\"be-react-1\" post-id=\"110530\" class=\"be-face-icons un-reacted\" href=\"javascript:void(0)\">\n                        <img decoding=\"async\" src=\"https:\/\/sotnews.agency\/wp-content\/plugins\/booster-extension\/\/assets\/icon\/happy.svg\" alt=\"Happy\">\n                    <\/a>\n                    <div class=\"twp-reaction-title\">\n                        Happy                    <\/div>\n                    <div class=\"twp-count-percent\">\n                                                    <span style=\"display: none;\" class=\"twp-react-count\">0<\/span>\n                        \n                                           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                  <div class=\"twp-reaction-title\">Surprise<\/div>\n                    <div class=\"twp-count-percent\">\n                                                    <span style=\"display: none;\" class=\"twp-react-count\">0<\/span>\n                                                                        <span class=\"twp-react-percent\"><span>0<\/span> %<\/span>\n                                            <\/div>\n                <\/div>\n\n            <\/div>\n        <\/div>\n\n    ","protected":false},"excerpt":{"rendered":"<div><img loading=\"lazy\" decoding=\"async\" width=\"150\" height=\"150\" src=\"https:\/\/www.myjoyonline.com\/wp-content\/uploads\/2026\/01\/boatey-1-150x150.jpg\" class=\"attachment-thumbnail size-thumbnail wp-post-image\" alt=\"Ghana Publishing Company was in dire financial straits before new administration - MD\" loading=\"lazy\" title=\"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\u00a2400,000.<\/div>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":{"facebook_2277560469115098_106292521332774":"","twitter_aToxNzczMzI3Njk4OTg4ODUxMjAxOw==_1773327698988851200":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[15141,1969,15142,1883,117,10,9],"tags":[],"class_list":["post-110530","post","type-post","status-publish","format-standard","hentry","category-ghana-publishing-company","category-hp-news-3","category-nana-kwasi-boatey","category-national","category-news","category-politics","category-popular"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/posts\/110530","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=110530"}],"version-history":[{"count":0,"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/posts\/110530\/revisions"}],"wp:attachment":[{"href":"https:\/\/sotnews.agency\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=110530"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=110530"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=110530"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}