The Ghana Publishing Company Limited (GPCL) has successfully overcome its crippling liquidity challenges through sweeping structural reforms and the introduction of stricter financial controls. According to Nana Kwasi Boatey Esq., Managing Director of GPCL, the establishment of a commercial sales department has repositioned the state-owned publishing company to compete more aggressively for business. This move has enabled GPCL to strengthen its financial management systems.
Management at GPCL uncovered significant weaknesses in the company’s financial management systems, particularly in the handling and use of physical cash by cashiers. These weaknesses created loopholes that could easily be exploited. To address the problem, GPCL engaged Consolidated Bank Ghana (CBG), which installed teller facilities at the company’s business centre. This ensured that all revenue generated went directly into the banking system.
The introduction of the teller facilities has strengthened financial controls, improved the tracking of revenue and expenditure, and ensured that all company spending was conducted through the banking system. According to Nana Boatey, the measures were tighter, allowing the company to track revenue and expenditure, and seal leakages. All monies coming to Ghana Publishing now go straight to the bank, which means that all expenditure also comes from the bank.
GPCL has also intensified efforts to clamp down on the production and circulation of fake gazettes by middlemen, popularly known as ‘goro boys’. These individuals allegedly defrauded clients by collecting money in exchange for unauthorised documents. A renewed public education and media campaign against fake gazettes has helped block another major revenue leakage that deprived the company of legitimate income.
With the liquidity challenges addressed, management has shifted its attention to infrastructure development and modernisation. The company previously operated without a digital press. By January this year, GPCL had established one of the biggest digital press centres in Ghana, which was subsequently inaugurated by the President. This development has significantly enhanced the company’s operational capacity.
GPCL has also undertaken a major facelift, including improvements to its frontage and signage, to enhance its corporate image and strengthen its competitiveness in the printing industry. The company has acquired new vehicles, including a Land Cruiser V6, two brand-new Jetour vehicles, and motorbikes, to further strengthen its operational capacity.
The company has invested 1.5 million euros in equipment for its new security printing press, which is expected to arrive in November. The equipment will enable GPCL to compete for contracts to print security-sensitive documents, including cheque books and passports. This development is expected to further boost the company’s growth and competitiveness in the industry.
Key points
- GPCL has overcome its liquidity challenges through structural reforms and stricter financial controls.
- The company has established a commercial sales department and invested in a digital press centre.
- GPCL has clamped down on the production and circulation of fake gazettes and invested in new equipment for its security printing press.
