The Managing Director of Ghana Publishing Company Limited, Nana Kwasi Boaitey, has disclosed that the company is facing significant financial challenges, including a substantial outstanding tax liability. Speaking at a press briefing in Accra on November 2, 2026, Nana Boaitey stated that the company's current financial situation is still precarious. He revealed that the company's profit after tax in 2025 was GH¢16.96 million, but the outstanding tax liability exceeds this amount.
According to Nana Boaitey, the company has approached the Ghana Revenue Authority (GRA) to negotiate an instalment plan to settle a GH¢22 million outstanding Value Added Tax (VAT) debt. The debt accumulated over a five-year period, during which the company made little to no VAT payments. In 2020 and 2024, no VAT payments were made, while only partial payments were made in 2021, 2022, and 2023. This resulted in a significant outstanding tax liability.
Nana Boaitey explained that the company became aware of the outstanding tax liability about a month ago, after receiving a letter from the GRA. He described the debt as one of the major challenges facing the current management as it works to restore the company's financial position. The company's profit after tax in 2024 was GH¢2.23 million, highlighting the significant financial struggles it has faced in recent years.
The Managing Director emphasized that the company is taking steps to enforce financial discipline and prevent further accumulation of debt. He expressed hope that the GRA would be willing to allow the company to settle the liability in instalments. Nana Boaitey also stated that the President has indicated that the company is working to solve problems and will continue to work towards resolving them.
The press briefing, dubbed "Government Accountability Series," was held to provide updates on the company's financial situation and efforts to address its challenges. Nana Boaitey's statements highlight the company's commitment to transparency and accountability. The company's management is working to restore its financial position and ensure its long-term sustainability.
The GH¢22 million VAT debt is a significant burden on the company, and settling it through instalments will require careful planning and management. Nana Boaitey's negotiations with the GRA are crucial in determining the company's ability to pay off its debt. The outcome of these negotiations will have a significant impact on the company's financial future.
The company's financial struggles and efforts to address them are significant, given its role in Ghana's publishing industry. The Ghana Publishing Company Limited is a major player in the country's media landscape, and its financial stability is essential for its continued operations. The company's management is working to ensure its long-term viability and sustainability.
Key points
- Ghana Publishing Company Limited seeks instalment plan to settle GH¢22m VAT debt with Ghana Revenue Authority.
- Company's profit after tax was GH¢16.96 million in 2025, but outstanding tax liability exceeds this amount.
- Management is taking steps to enforce financial discipline and prevent further accumulation of debt.
