The Managing Director of the Ghana Publishing Company Limited (GPCL), Nana Kwasi Boatey, has announced plans to implement a 40 per cent salary increment for all staff, citing significant improvements in the company’s financial position.
According to Mr. Boatey, the state-owned publishing firm has managed to remain financially liquid through prudent financial management and strategic investments, particularly in fixed deposits, enabling it to stabilise operations and improve staff welfare.
He made the disclosure while commenting on the company’s performance captured in the 2024 State Ownership Report and GPCL’s abridged financial statements, which show steady growth in revenue, assets, and liquidity over recent years.
Mr. Boatey said the proposed salary adjustment reflects management’s commitment to sharing the benefits of the company’s recovery with workers, whose dedication and efficiency have contributed to the improved performance.
“Through careful cost control and smart investment decisions, including the use of fixed deposits to preserve and grow surplus cash, the company has remained liquid. This has given us the confidence to plan a meaningful salary increment of about 40 per cent for our staff,” he said.
Financial data from the report indicate that GPCL recorded total revenue of GH¢61.25 million in 2024, up from GH¢47.05 million in 2023, representing steady growth over the past three years. Total assets also increased to GH¢106.37 million in 2024, while total equity rose to GH¢93.34 million, reflecting a stronger balance sheet.
The company also posted a net profit of GH¢2.23 million in 2024 and improved its liquidity position, recording a current ratio of 1.27:1 compared to 1.02:1 in 2023. Management attributed this to higher receivables from increased operational revenue and disciplined financial management.
Despite a marginal decline in profit margins, the report noted that GPCL maintained zero long-term debt and minimal short-term liabilities, reinforcing its financial stability. The company’s operating cash flow remained positive, although it declined slightly compared to the previous year.
Mr. Boatey said management believes the company’s improved liquidity and low debt exposure provide a strong foundation to enhance staff remuneration without compromising operational sustainability.
He added that the salary increment proposal will follow due process, including engagement with relevant state authorities and labour unions, in line with public sector regulations.
GPCL, a key state-owned enterprise under the Ministry of Information, is responsible for printing and publishing educational materials, government documents, and commercial publications. Management says the company will continue to focus on operational efficiency, revenue diversification, and staff motivation to sustain its financial recovery.
The proposed salary increase, if approved, is expected to significantly boost morale among workers and position GPCL as one of the better-performing state-owned enterprises in the country.
Source: www.kumasimail.com
