The Chairman of the National Media Commission (NMC), Yaw Boadu-Ayeboafoh, has described the recapitalisation of the Graphic Communications Group Ltd. (GCGL) through an initial public offer (IPO) as the way to go.
He said in discussions with the principal owner of the company, the commission settled on raising fresh capital from the stock market as the best among the alternatives.
“The only condition that we at the National Media Commission and the board agreed on was that they should not sell it the way they sold other state assets cheaply to political figures.
“We also agreed that it be packaged and put on the stock market so that more citizens can own shares; that’s the only consideration that we will agree to divestiture and nothing else,” the chairman added.
Members
The nine-member board is chaired by Ebenezer Asante Sefa, with Yaw D. Oppong, Kyei-Brobbey Ishaq, Dr Roderick Emil Larsen Reindorf and Prof. Kofi Afranie as members.
The rest are Nana Ama Poku, Dr Gilbert Tietaah, Juliet Amoah and the Managing Director of GCGL, Ato Afful.
Present at the inauguration were the Executive Secretary of the NMC, George Sarpong, and some members of the commission, including a former Editor, Graphic, Kobby Asmah.
Non-interference
The NMC chairman urged the newly appointed board members to allow the editorial team to work independently and refrain from dictating editorial content or direction.
Mr Boadu-Ayeboafoh also encouraged the staff of the company to consider the current situation of the newspaper industry globally and assist management to navigate through the difficult situation.
He also admonished staff to desist from spreading bad rumours about the company’s challenges as that could destroy the reputation that had been built for years.
To the new board chairman, Mr Boadu-Ayeboafoh urged him to work independently as the appointing authority was fully aware of his competence to operate without supervision, saying “we did not appoint you to micromanage you”.
Digitalisation
The Managing Director of the GCGL, Mr Afful, said the company had digitised its old newspapers, with the goal of making them keyword searchable.
“We have done tests and will launch commercially next month,” he said.
Mr Afful said the company had also established a digital studio to power its online platforms, adding that “all these investments have been internally generated funds (IGFs)”.
Despite the progress, Mr Afful said the company still face some challenges, including stretched resources, cash flow difficulties and exchange rate losses.
“Newsprint has to be procured using foreign currencies — euros and dollars,” he explained.
Mr Afful emphasised the need for retraining and redevelopment of skills to align with the digital push. He also said that the company was working with the NMC to comply with election coverage guidelines, especially in this election year.
Appreciation
The outgoing board chairperson, Prof. Olivia Frimpong Kwapong, commended the professionalism of GCGL, and stated: “The brand is big and those who manage it know what to do, and the drive and professionalism are strong.”
She expressed confidence that the process would be handled professionally, saying “I believe it will be done professionally for all to understand that it’s the way to go”.
Prof. Kwapong also welcomed the transition, and said that recapitalisation of Graphic was the way forward.
She expressed her appreciation for the direction of the NMC and the management of the company.
The new chairperson, Mr Sefa, pledged to work with the board to address challenges facing the company.
He pledged to lead the team to tackle staff attitude towards work, deal with the company’s mounting bad debts, tackle human resource challenges and ensure that recapitalisation efforts were completed.
“By the end of our term the GCGL will have a good story to tell,” Mr Sefa said.
Source: Graphic.com.gh
ALSO READ:
Graphic Communications Group to be listed on the Ghana Stock Exchange