24-hour economy drives Ghana Publishing’s turnaround as profits soar by 661%

The implementation of the 24-hour economy initiative has played a significant role in transforming the financial fortunes of the Ghana Publishing Company Limited (GPCL), with the state-owned company recording a 661.36 per cent increase in profit after tax in 2025.

Managing Director of GPCL, Nana Kwasi Boaitey, disclosed this during the Government Accountability Series, where he accounted for the company’s performance and outlined key reforms undertaken since assuming office in February 2025.

According to him, management introduced a three-shift operational system within three weeks of taking office as part of efforts to address the company’s liquidity challenges without laying off workers.

He explained that the decision was inspired by President John Dramani Mahama’s 24-hour economy policy and helped the company extend its operational hours, improve service delivery and generate additional revenue.

“Luckily, we took inspiration from His Excellency’s 24-hour economy that he had promised Ghanaians. We set up a team and immediately tasked management to provide a working paper to implement the 24-hour economy at Ghana Publishing,” he said.

Mr Boaitey noted that the new arrangement allowed the company to introduce extended services, including a 24-hour gazette processing system, significantly reducing waiting times for customers.

“The regular gazette, which took eight weeks, now takes three weeks. And the premium service that took one week has now been reduced to three days,” he stated.

He added that the extended working hours also created fresh revenue opportunities for the company, which had previously struggled with liquidity challenges and overstaffing.

On the company’s financial performance, Mr Boaitey revealed that revenue increased from GH¢60.78 million in 2024 to GH¢72.85 million in 2025, representing a 19.87 per cent growth.

Gross profit also increased by 49.76 per cent, from GH¢23.38 million in 2024 to GH¢35.01 million in 2025.

Operating profit surged by 564.66 per cent to GH¢19.58 million, compared with approximately GH¢2.95 million recorded in 2024.

Profit before tax similarly increased by 572.92 per cent to GH¢21.44 million, while profit after tax rose from GH¢2.23 million to GH¢16.96 million, representing a 661.36 per cent increase.

“Ultimately, profit after tax, after the audit, was GH¢16,959,883. This is compared to the 2024 figure of GH¢2,227,563. Again, this is an increase of 661.36 per cent in terms of profitability for the Ghana Publishing Company in the 2025 year alone,” he said.

Beyond the operational reforms, the Managing Director said management had undertaken structural changes to improve efficiency, accountability and the company’s competitiveness.

He explained that new departments, including quality control, legal, commercial sales and corporate affairs, had been established to address operational gaps and strengthen internal controls.

Mr Boaitey also disclosed that the company had invested in modern printing infrastructure, including a digital press centre inaugurated by President Mahama in January 2026.

He further revealed that GPCL had invested €1.5 million in equipment for a security printing press, which is expected to arrive in November 2026.

According to him, the investment would position the company to compete in the production of security documents, including cheque books and passports.

“We have invested €1.5 million in equipment that is yet to arrive, maybe in the course of this month, to commence the establishment of our security press,” he stated.

On digital innovation, he said the company had introduced an electronic gazette platform and an online e-bookshop to enable customers to access its services without physically visiting its offices.

Mr Boaitey, however, acknowledged that despite the financial recovery, the company continued to face some outstanding financial obligations.

He disclosed that management had recently been notified by the Ghana Revenue Authority (GRA) of an outstanding VAT liability of GH¢22 million relating to unpaid taxes between 2020 and 2024.

“Currently, we are in negotiations with GRA to ensure that this GH¢22 million debt, which is VAT, will be taken care of in the course of time,” he said.

He also expressed optimism about the company’s future, citing Cabinet’s decision to allocate 20 per cent of government printing work to GPCL and the anticipated government free textbook printing contract as major opportunities for growth.

Mr Boaitey said the company was confident of surpassing its 2025 financial performance by the end of 2026.

“This is a company that has clearly come from the depths of financial distress to some significant reprieve. And hopefully, if we continue on this trajectory, the company should be able to post significantly stronger performances going forward,” he added.