Accra:The Ghana Publishing Company Limited (GPCL) has successfully navigated its liquidity challenges following a series of comprehensive structural reforms and the implementation of stringent financial controls.
According to Ghana News Agency, Nana Kwasi Boatey Esq., the Managing Director of GPCL, highlighted these developments during the Government Accountability Series. The creation of a commercial sales department has enabled the state-owned publisher to enhance its competitive edge in the market.
Nana Boatey detailed the weaknesses previously identified in GPCL's financial management, particularly regarding cash handling by cashiers. To rectify these issues, GPCL partnered with Consolidated Bank Ghana (CBG) to install teller facilities at its business center, ensuring all revenue is directly deposited into the banking system. This initiative has fortified financial controls and facilitated better tracking of revenue and expenditure.
Furthermore, GPCL has intensified efforts to combat the illegal production and circulation of fake gazettes, often managed by intermediaries known as 'goro boys.' A public education and media campaign has been instrumental in addressing this revenue leakage, restoring the company's legitimate income streams.
With liquidity concerns alleviated, GPCL has focused on infrastructure development and modernization, including the establishment of a significant digital press center, inaugurated by the President. The company has also improved its logistic capabilities, acquiring new vehicles and motorbikes to enhance its operational efficiency.
Additionally, GPCL has invested 1.5 million euros in equipment for a new security printing press, expected to arrive in November. This investment positions the company to compete for contracts involving the printing of security-sensitive documents, such as cheque books and passports.