Graphic Communications Group Limited (GCGL), one of the most recognisable media entities in Ghana, is currently looking at options to recapitalise its operations due to financial challenges.
Details
Management of the company in a meeting with staff stated that the company is not making “enough money” to meet its commitments.
The company is currently looking at options to refinance, including an Initial Public Offering (IPO), with the possibility of listing on the Ghana Stock Exchange.
Between The Lines
The Ghana Government is currently the sole shareholder of the company. Currently, a strategic review is ongoing at the company, starting with its Digital Unit, to enhance the company’s relevance and performance.
Digging Deeper
According to staff, there have been financial issues including unpaid salaries, pension contributions, and unresolved end-of-service benefits for retired staff.
Zoom Out
The GCGL was established in 1950 and transitioned to government ownership in 1964, with significant changes in name and structure over the years. It launched its first newspaper, the Daily Graphic, on 2nd October 1950.
In 1964 the Mirror Group, the owners of the company, sold it to the Ghana government for £6,600.
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