MD: Ghana Publishing recovers from liquidity crisis, records nearly 50% growth in gross profit

The Ghana Publishing Company Limited (GPCL) has recorded a significant financial recovery, posting a 49.76 per cent increase in gross profit in 2025 following persistent liquidity challenges that threatened its operations.

The 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 interventions introduced since assuming office in February 2025.

According to him, management inherited a company struggling with liquidity constraints, overstaffing and operational inefficiencies but implemented a series of reforms to restore its financial stability and improve productivity.

Presenting the company’s audited financial performance, Mr Boaitey revealed that gross profit increased from GH¢23.38 million in 2024 to GH¢35.01 million in 2025, representing a growth of 49.76 per cent.

He further disclosed that the company’s revenue rose from GH¢60.78 million in 2024 to GH¢72.85 million in 2025, representing a 19.87 per cent increase.

Operating profit also surged by 564.66 per cent, from approximately GH¢2.95 million to GH¢19.58 million, while profit before tax increased by 572.92 per cent to GH¢21.44 million.

Profit after tax similarly rose from GH¢2.23 million in 2024 to GH¢16.96 million in 2025, representing an impressive 661.36 per cent increase.

Mr Boaitey attributed the improved financial performance to operational restructuring, financial discipline, tighter revenue controls and the introduction of the 24-hour economy initiative at the company.

He explained that management introduced a three-shift operational system within three weeks of taking office to address the liquidity challenges without laying off workers, despite the company’s overstaffing situation.

“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 immediately,” he said.

He noted that the extended working hours had improved service delivery and created additional revenue streams, particularly through the introduction of faster gazette processing services.

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

The Managing Director also disclosed that management had strengthened the company’s financial controls by introducing electronic payment systems in collaboration with Consolidated Bank Ghana (CBG).

He explained that the arrangement ensured that revenue generated by the company went directly into its bank accounts, while expenditure was also processed through the banking system.

“Now, the measures were tighter. We could track revenue and expenditure, and so the leakages that were happening somehow got fixed,” he said.

Mr Boaitey further revealed that the company had intensified its campaign against fake gazettes, which he said had deprived GPCL of revenue and exposed customers to fraudulent publications.

On infrastructure, he said management had established a modern digital press centre to improve production capacity and competitiveness, adding that the company had also invested €1.5 million in equipment for a security printing press.

He explained that the planned security press would enable GPCL to expand into the production of sensitive documents, including cheque books and passports.

Despite the financial recovery, Mr Boaitey acknowledged that the company was still dealing with outstanding financial obligations, particularly a GH¢22 million VAT liability owed to the Ghana Revenue Authority.

He said management was engaging the authority to agree on arrangements to settle the outstanding amount, which relates to unpaid VAT between 2020 and 2024.

He also identified Cabinet’s decision to allocate 20 per cent of government printing work to GPCL and the anticipated free textbook printing contract as major opportunities to consolidate the company’s recovery.

Mr Boaitey expressed optimism that the company would surpass its 2025 financial performance by the end of 2026, insisting that management remained committed to sustaining the gains.

“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.