Ghana Publishing Company’s 2025 financials: Breaking down the Numbers| Beyond The Numbers 13-05-2026

追加: 2026-05-14

[00:00:05]Welcome back to the market watch here on beyond the numbers. So we're going straight to the market that is the stock market. There's been interesting development when you go through the report for the m month of April. Trust me there's been increasing volume of trade the value keeps increasing and the activity seems to not to be ending anytime soon. So we go straight to Grace Manun of data bank reset to give us more insight on what has happened in the last week several development in the market to get more insight with me. So Grace, how are you doing? It's good to have you with us this afternoon. First of all, uh what has been the key insight in terms of performance over the last few weeks because we've seen some interesting development in the market especially in terms of volume of trade.

[00:00:50]>> Yes, thank you. Thank you for the team for having me once again. It's always a pleasure to join you on your show. Um over the past week, activity has remain strong because we've seen a lot of sellers on the market and I believe it's usually the same narrative which is investors looking out for other high yielding securities or maybe just satisfied with the returns they've made so far. So they're selling off into other securities. week resume and on the other side we saw the over subscription on the T treasury market and this last week last week's options and we believe um some of these sales on the equity market may have faced and featured in the the subscription over subscription we saw in the treasury market and volumes have been high in terms of trades on the equity market and that is predominantly because there have been a lot of selloffs >> well Okay, Winston.

[00:01:47]>> Yeah. So, we like we're wondering in terms of TBO, does it look like engagement? Because consistently we've seen government fail to meet the target until the last TB auction. What could be what made a difference this time around?

[00:02:00]>> Right. So, like I already mentioned, you've seen one of the market down and usually it's the case that when I mean investors move from one market to the other when they recognize um some high yielding returns on their portfolio. So we believe this was one of the reasons.

[00:02:17]The other reason underlying the over subscription will majorly be because of the improved sentiment around the um the credit rating agencies upgrading our credit rates on the market. We've seen the likes of um Moody's. We've also seen the likes of Fetch upgrading our credit.

[00:02:36]So we believe that can that might have driven sentiments on the market for investors who want to um go back into the treasury market and as we know investors are always on the shorter term of the curve. So we saw a lot of subscription on the 91 182 day bill leading to some um I mean yield reduction in the 91day bill while we saw the um 182 day bill do an uptick of over seven seven basis coins. Well, Grace, let's talk about the Ghana stock uh market. We've seen uh First Atlantic Bank. We've seen Zen Petroleum's holdings. We've seen uh Kasapco. It looks like a lot of the companies are now raising capital through the SM. Now, how is the market reacting to this as Kasafco has already opened for uh it started in May and will be ending in June. How was the reception like?

[00:03:26]>> Yes. Right. You are right. We've seen a lot of um not releasing three companies come onto the equity market in recent times and like you rightly mentioned Zen Petroleum, we saw FAB and now we are seeing Kasa Preco and the numbers you are seeing as it starts now shows an over subscription on the on the account and we believe this is um a counter investors have been looking out for to purchase in a long time. because I mean the announcements I did came that they intended to come to the equity market and I believe investors were well prepared for the the stock and yes now that they listing the IPO looks um overly subscribed in recent times and we believe market was happy to have the counter join the list of counters already existing on the equity market. So lastly, you projected a twice cut of policy rate in your projection in 2026, first quarter, second quarter. Do you still stand by that projection considering the fact that the F rating in social assessment is cautioning the central bank to sustain considering various factors as we've seen inflation rising quite marginally?

[00:04:40]>> Yes, we do still stand by uh our forecast. However, in the next meeting, we expect a hold. Um, reason being that like you rightly mentioned, inflationary pressures are are coming. Uh, I mean, we saw monthto- month inflation rise all the way to somewhere 100 basis points after the 0 point I mean 10 basis points we recorded in the previous month and we believe the inflationary pressure still persist. We also believe um the middle in east intervention isn't over yet. So yeah, I mean there's kind of some pressure from that angle which will force the I mean the policy rate to I mean the policy decision makers to take a breather a bit for some time before they start cutting the rates but yes we still stand by the fact that there will be two cuts this year and um we we expect that um to materialize.

[00:05:32]>> Thank you very much Grace for speaking with us here. will certainly be coming to you Friday to understand the close of trades basically who is winning the lagas and the uh those who are basically gainers on the stock market and this is where we bring you and of the market watch now we go straight to the Ghana publishing company what they have done in 2025 the story behind the numbers and how credible especially when it comes to projecting into 2026 the rest of the year and how to end up hopefully they can triple the prophet going forward. So just stay tuned. We right back after this.

[00:06:22]In 2025, the Bank of Ghana reported a loss of 15.63 billion Ghana cities. But without one major move, that loss would have been 33.19 billion Ghana cities.

[00:06:34]>> So what actually changed the picture?

[00:06:36]Gold. The bank sold refined gold it had accumulated under its domestic gold purchase program.

[00:07:02]The gold was bought mainly in 2023 and 2024 when prices were relatively lower.

[00:07:08]By 2025, prices had increased. So when the bank sold it, it made 9.57 billion Ghana cities in profit.

[00:07:17]And there is also the savings jar effect. Past gains from rising gold prices that were not actually recorded immediately.

[00:07:25]>> When the gold was sold, those gains were released adding 7.99 billion Ghana cities.

[00:07:31]>> So in total, gold delivered 17.56 billion Ghana cities in relief. Without it, the loss jumped to 33.19 billion Ghana cities.

[00:07:41]>> So now what was actually driving the losses underneath? 16.73 billion Ghana cities open market operations. This is the bank paying commercial banks to hold on to excess cities instead of lending them out. It's a standard tool used to reduce money in circulation in the economy just to cool down inflation. But in 2025 it came at a very high cost and that's 16.73 billion Ghana cities 9.05 billion Ghana cities from other gold program losses. These are trading and operational losses outside the main gold sale including the windown of gold for oil program. The exchange rate 5.47 billion Ghana cities stronger city impact. The city moved from 14.7 Ghana cities to 10 cities 45 pesos per dollar.

[00:08:32]That sounds positive but only for importers. Here's the issue. The bank actually holds a lot of its assets in dollar terms. So when the city strengthens this dollar asset lose value when converted back into city leading to 5.47 billion Ghana cities loss >> 3.29 billion Ghana cities from personnel costs staff cost increase significantly driven by a rise in employee numbers.

[00:08:58]>> Just note that gold didn't solve the problem. It actually just absorbed the shock. And without that gold intervention, the bank's 2025 financial position would have been far worse.

[00:10:02]Heat. Heat.

[00:10:16]Well, this is still beyond the numbers live on join news si welcome to big analysis and big analysis today we talk about a big profit leap uh from 2024 to 2025 of the Ghana publishing company limited 600% in fact more than 600% in terms of profit leap comparing 2024 to 20 uh 25. So we have the managing director himself in the studio to break down this big number because there's a lot of stories uh behind the numbers. So Nana Quisi is a lawyer and managing director of the Ghana Publishing Company Limited. He joins us on big analysis uh to break down this huge profit leap.

[00:10:59]Nana, you welcome to the show.

[00:11:00]>> Thank you very much. I >> mean you're a man sitting on uh huge profits. How does it feel? Uh >> profit is not huge. Maybe percentage is huge but if this was 16 billion I would be happy.

[00:11:11]>> But but in fact in terms of comparative sense right 16 billion for us is still huge if you look at where we are coming from and you spoke about the percentage over 600% jump from where you used to be in 2024 to 2025 and Caleb will put that into pro a proper perspective before we we break down the numbers tell the story behind the numbers. Caleb, I see you have the trajectory from 2011 to 2025.

[00:11:36]What has been the story? I see a lot of greens and some reds. What has been the story of Ghana Publishing Company Limited when it comes to their profitability since 2011.

[00:11:47]>> The numbers since 2011 see how the company has been fairing over the years and then you can see from 2011 to 2024 that's before the recent financials. Um the company was it was an ups and down.

[00:11:58]get profit in a couple of years, make losses, get profits, make losses. So, we've not seen a sustained level of profit or some profitability for a sustained period of time. Before 2025's figure, the highest profit that the company had seen was 2.7 million Ghana cities. That was the highest since 2011 that a prof that the company had made since 2011. Then the financials has come out for 2025 and that has jumped from 2.2 2 in 2024 now 16 um 16.9 million in 2025. So the jump alone that's about 600% and then we are here to understand what went into this leap.

[00:12:33]>> It's more than 600%.

[00:12:34]>> More than 600% and then when we get into the numbers you see that uh even though revenue went up u in 2025 the expenditure also came down for the first time since 2020. So we have to understand why expenditure came down. Um the company says they've been doing some things within their operations. So if you know increasing your operations ordinarily expenditure should go up. So you need to understand why expenditure came down this year. And then we also break down some of the uh revenue position of the company. So we see that for printing revenue came down from 8 million to 2.9 million. But then for the head office gazette that's where majority of the revenue jump came from.

[00:13:13]We had 34 in 2024. We're now doing 50.6 in 2025. So majority of the company's revenue for 2025 came from this this picture here. So I think maybe my first question to Nana would be >> we've seen that the company's uh revenue jumped from 50 to 70 from 60 to 70 72 million Ghana cities. What exactly went behind that? And then also why are we seeing a drop from 80 million in printing to about 2.9 million for 2025?

[00:13:41]Well, I mean um in in printing you realize 2024 was the election year company printed ballot papers. So significant revenue from electoral commission revenue was not realized in 2025. The EC printing revenue >> some of the revenue was realized in 2025.

[00:13:59]>> A majority was >> Yes. Yes. But I mean >> if you look at printing you know it's an acral method. So once once the job was done it will be recorded as revenue.

[00:14:09]>> Yeah. as to when that cash may come in will be a different thing. So in terms of that if you look at the numbers for 2024 uh a lot of I wasn't there but I would assume that a lot of that will come from the printing of the EC job which was in essence of you know some four 5 million in contrast sum.

[00:14:31]>> Okay.

[00:14:31]>> Yes. So maybe that would that would be the the picture. We're still making every effort to improve the printing side of that business. And you recall that the finance minister in this year's budget make a clear indication that the GES uh boost book will be printed by us.

[00:14:50]>> Okay.

[00:14:50]>> So, we've been engaging government to try and get more printing job. But I think the problem with the company and in 2025 you know we tried to resolve that was that we we didn't have the the full gamut of the equipment we needed to meet all the jobs that we wanted to do.

[00:15:09]Uh we have since you know acquired some digital printing equipment and significant equipment to help our printing side and now we are capable of doing a lot of jobs in that side. So we expect significant increase in revenue this year 2026 in printing.

[00:15:26]>> Let's let's look at the president's visit somewhere in January this year right >> and that created a lot of controversies.

[00:15:33]Would you say that in itself is giving you that golden touch for this year and did it really push you in any way in 2025 uh to actually come out with this impressive numbers we're seeing this year? Well, the president came in January, so that wouldn't have pushed.

[00:15:47]But in 2025, I mean in January when he came, we were then that was where the controversy came because we were trying to tell him that and the records now will show you that when we came liquidity was so bad. uh you know we were not capable of paying 1 month salary without borrowing you know because balance was just around 400,000 and as of the time he came you know that liquidity position had changed to about 16 million which is what I was bringing his attention to that you know was >> created a controversy >> yeah created a controversy but now the financials will show you that you know those were not just figures we were throwing that was really the position now beyond profitability of a company lack of liquidity means the company is nonfunctional >> and that is the position the company found itself in >> when we came in February we had to borrow to pay salaries and do the same in March and then improve upon that position to be able to pay salary and in December pay a 13th month salary and you know give a 40% increase in in in you know in in in uh in uh salaries so the these are the things now let's come to the other driver of revenue head office gazette You realize that when we came and you when you go into a company, you have to strategize >> what was the lowhanging fruit for us, you know, and we realize that gazette is a monopoly that comes to Ghana publishing.

[00:17:14]>> So, you're going to look at how you will give a better customer experience, you know, and how you make people feel comfortable so they would they would freely come and do Gazette and spend.

[00:17:25]And so we did the Gazette 360 campaign, you know, that brought a lot of attention. You know, we did that clamping on fake gazetting. So people were no longer going to other places.

[00:17:37]They started coming to us. But we also improved the customer experience. Before if you did a gazette, it was going to take you 8 weeks to get it back.

[00:17:46]>> And they had a premium service that took um 3 weeks.

[00:17:50]>> Okay?

[00:17:50]>> You know, something like that. When we when we came, we decided no. Um because we started a 24-hour service and the staff were working overnight. You could come in today, do a gazette and come for it tomorrow. Of course, that came with some premium charge, you know. So that was an improvement in revenue. You also, you know, realized the premium. So even the premium that they were doing, we brought it to 3 days, you know, >> from 3 weeks >> from three from 3 weeks. I think I think it was a week I I a week to three days >> but we brought it to three days >> you know and then there was you know the the regular gazette that was taking 8 weeks that we brought to 3 weeks >> wow >> so when people pay for that service they are happy to do it and that is how you know revenue in the main head office improved >> now let's let's look at an important point you raised about the fact that when you came in at a point you even had to borrow to pay salaries right yes that was possibly maybe the conversion the tradition even before you you possibly >> had it had been there for a long time.

[00:18:54]Let's Caleb let's look at let's look at the company's cash flow right and for me that was very important when I saw the slides it was one thing that stood out for me the cash flow for me if you look at how that has improved if we could go just look at the cash flow and >> exactly >> you're moving from a negative 180,000 18,000 to now 18.7 million cash flow >> that happened >> yes that was the point that you know we had tried had to make to the president and you know all these controversy that came you didn't inherit money I it wasn't in my interest to go and start talking about that to anybody >> but the truth of the matter is that you need liquidity to make a company run >> you know so we we did a lot of cutting of expenditure >> yeah we'll get to the expenditure side >> and and and that is how you make sure you're holding money you know as long as if the money comes and you're spending it anyhow there you're not going to be able to to hold money. So, I think that it was the austerity that was put in place. It was the focus on driving the liquidity of the of the company up to make sure that, you know, the company was was liquid enough to be functional enough. These things didn't come easy.

[00:20:11]It was a lot of effort.

[00:20:12]>> It was a lot of effort, >> you know, and and I dare say this has not happened at the expense of capital expenditure. M >> if you look at the increase in assets you will see you know significant capital expenditure too.

[00:20:26]>> Yeah.

[00:20:26]>> But I think that you want to focus on spending the money of the company on the company >> you know and and that is how you get these these kinds of figures.

[00:20:37]>> Yeah. And if you have speaking on the addition of capital into the into the company we tracked from 2023 and in fact 2025 had the largest injection when it comes to property plants and equipment.

[00:20:48]Wow. So there was an addition of 7 million in 2025 as compared to 3.5 in 2023 and then 3 million in 2024. So I mean so I think so majority of the profitability also came from a reduction in expenditure because if you are still improving the company through additional PPS and then your revenue also goes up by about 20%.

[00:21:10]If you take out your other factors and you have a 16 million on profit it means that expenditure must have taken a drastic hit.

[00:21:16]>> Yeah. Yeah. Yeah. And that's where I really want to come to the exponential side of things. Kofi, >> tell us the magic you did.

[00:21:23]>> No, you know, um, you want to be conscious about expenditure. M >> so for instance you when you are buying paper and it taking you 6 months 7 months to pay the person you're buying it from they would they will give it to you at a higher price because they have to take care of you know that >> yes so we sat down for instance with some of the suppliers your prices are high why because you don't pay us on time so >> we would we would make the effort to pay you on time so that prices will be lower. You have wastage a lot of wastage. Why? You're a production company that does not have a quality control department. So immediately set up a quality control department, you know, so that you don't print a whole batch, you know, of say gazette only to to realize that there was an error in it and to discard all of that. So when there's conscious effort to cut wastage, there's conscious effort to reduce procurement, you know, call it procurement wastage cuz if you're paying on time and prices are low, then you get prices low. You know, those things happen.

[00:22:41]>> So yes, those were were some of the things. Of course, when we came, basic salary had been negotiated and increased by 21%. So that was naturally going to go up, you know, and and and things like electricity when you start 24hour, you know, you you you're putting on light during the day, you're putting on light during the night, >> those will go up. So then the things you can reduce. For instance, if you look at things like travel and travel expenses, those are things that you as MD can be conscious of reducing because then you you have the right to decide that you will travel at every whims and capries or to sit down on that stool and do the job. And so if you look at those figures there in things like travel expenses, you will see that where we as management had control, we did you know contain the costs of of the company.

[00:23:37]>> Let's let's put this in proper perspective. Let's look at the the travel expenses that Nana is talking about. Caleb, can you tell us how much this actually fell if you had comparing 2024 to 2025?

[00:23:48]>> Okay, so let's start with the seminars and meetings. you know most of their s so have so many meetings and seminars sometimes in different regions they have to transport staff pay allowances and all of that so for 2024 the seminars and meetings cost about 8,590 Ghana cities 8 sorry 87,000 >> that dropped to 115 Ghana sees >> that's a huge drop >> because you have control over this and so you're conscious to do it then you can do it >> again with travel expenses that dropped from 500,000 from almost half a million to 20,000 in 2025.

[00:24:25]>> Wow. Yeah. Because you have control over that and you decide you're not going to Galavant that will happen. Now let let's be beyond even this let's look at the impact of exchange rates. I don't know how exposed your operations is to the exchange rate situation but we all know how the CD appreciated in 2025.

[00:24:46]How did that affect or how did that improve your profit position that you have actually just reported? Did that play any I don't think I don't think it significantly did operations are basically you know based here and the cost of many of the things for instance even though the city improve electricity you know utilities didn't go down uh the cost of paper for instance didn't go down if you check the market most of the inputs we use didn't go down so exchange rate it's you call it negligible >> how about the capital injection because many of the things you bought You had to you had to import them.

[00:25:24]>> Well, I mean to that extent a little bit over in terms of expenditure, you know, if we we bought some equipment, we probably would have gotten it at at prices different from what we got it.

[00:25:38]But there is no indicator in the previous years to compare.

[00:25:42]>> You understand? If you didn't buy a digital printer in 2024 and you bought one in 2025, you're not able to say, "Oh, if if I had bought it in 2024, this would have been the difference." But what we know is that we spent in city, not in dollar >> to buy equipment. And that is why the capital injection would tell you we we spent in essence of 20 million, you know, injecting into noncurrent assets.

[00:26:08]>> Okay. Yeah, >> let's let's look at where you hold the monopoly and where you have to compete for the market, right? You just revealed to us that when it comes to the gazettes, it's it's your space. You you have that monopoly, but let's look at the competitive markets. You you made mention of um you know telling government to bring you businesses. We understand the issue of SIC. I don't know if you heard about the issue of SIC where there are complaints about uh political interference where some SOE jobs are now being taken to SIC and people have complained in your case are you bidding and negotiating for them or sort of is is being given to you on a silver platter. What is >> no a lot of a lot a lot of the of the work we get in printing we have to bid for them.

[00:26:55]>> Okay.

[00:26:55]>> But we are the government printer. If government is printing free exercise book and in fact if you look at our enabling AI li it is written there it was our mandate to print books for the government. So things like that I you know I mean I'll be happy if governments handed it over to us to do as part of our core mandate.

[00:27:16]>> We are not there yet. If we're called to bid we will we have the capacity to do it. But I believe that government must do business with government.

[00:27:25]>> And I will see nothing wrong with government knowing that Ghana publishing has capacity and handing over you know a job that belongs to Ghana to the Ghana publishing company to do rather than you know going to the open market and and and handing the job to to private sector. So I mean I'm I'm of that view.

[00:27:46]We have we're not there yet. We're talking. We're hoping that we would be handed the job because we have capacity to do it. We're a state institution. Our mandate is printing and government wants to print.

[00:27:57]But, you know, we're ready for for any other thing if we asked, you know, to bid. Yes.

[00:28:03]Let's let's look at the the launch of the 24-hour economy which which you have said that currently you are operating 24 hours which I know definitely you make a comment about how that will affect your 2026 financials but you requested for some taxes to be removed as an incentive have they been done? No, you know government's been working then these are for instance when it come to taxation the executive doesn't have power to to work on taxation. You have to go to parliament and it's parliament that makes laws relating to tax.

[00:28:33]>> So there is a law that government is working on which will come into full effect soon that regulates you know tax waiverss for people doing 24-hour economy and all of that. So once we haven't benefited yet >> and yet the 24-hour operations itself on its own has benefited us tremendously.

[00:28:54]I've indicated to you how it helps with revenue drivers and all of that. Uh I am sure that the incentives that government wants to give when they add up only make us more profitable.

[00:29:04]>> Uh let's look at how you are raising capital because currently if I look at the financials it looks like you had to cut down a lot of expenditure to be at where you are at the moment. Although your your revenue also improve but I want to ask are you listed at the moment?

[00:29:18]>> No we're not.

[00:29:19]>> Do you have any plans of being listed?

[00:29:21]>> The company belongs to the government of Ghana. 100% shares belong to the government of Ghana. I we don't know what government of Ghana wants to do with the shares but if you look at the share value >> that share value has improved from 1.11 per share >> to 8 something per share.

[00:29:41]>> Very valuable. So values you know in the share is is rising government can decide that because the share values are significant maybe if you put it out there people will be interested government can but I think that we are we're in a good place for government to hold on to those shares and to improve the company's lot.

[00:30:02]>> You don't need a stock market.

[00:30:03]>> I don't think so. you left. Um, so I think before we wrap up with the expenditure side of things within the line items, I saw something very interesting that I want clarity on. So there was there was a line item called motivation and in 2024 almost a million was spent there and that dropped to 200,000 in 2025.

[00:30:22]What is motivation?

[00:30:24]>> Well, my staff are very motivated though because they got 13 month salary. So you know, you have to decide how you want to motivate people. I think that the item that line item was you know there are times when like during the times when you're printing budget you know people are staying long shifts overnight you know you want to give them something to continue to work coffee food you know sometimes even some incentives and you do that but you can you can structure this properly so for instance when we have started doing a night shift then staying at night didn't require additional motivation anymore Because you know and for me yes give me a 30 40% raise in basic salary let it affect my snit let it affect everything that is enough motivation for me give me a 13th man salary that is enough motivation for me don't buy me a you know a bowl of rice from from somewhere because we did some job and and call that motivation.

[00:31:23]So we we took a different perspective of what will motivate staff rather than handing over stipens.

[00:31:31]>> Okay.

[00:31:31]>> And and so again that is what you see.

[00:31:34]You would have invested less in that area but you can even improve morale the more because of the way you do it.

[00:31:42]>> Before you come in so is that why there was a reduction in staff cost because even though you estimated that staff um salaries went up by about 40%. the overall staff cost went down by about a million Ghana cities.

[00:31:54]>> Yes.

[00:31:54]>> Where exactly went into that?

[00:31:56]>> So again, this is what happens if you run a system that ends at 4:30.

[00:32:00]>> Okay.

[00:32:01]>> Everybody can slow down till 4:30 and say, "Oh, this work is not done. Let's do an overtime."

[00:32:07]>> Okay?

[00:32:08]>> And because you have closed at 4:30, but if the person knows that if after 4:30 you don't finish, another B will come and continue in the evening and finish the job in the morning. So if you look at if you look at the the line items, something like overtime went down drastically, >> you know, because we're no longer encouraging people to work in a way that makes you want to have to pay overtime.

[00:32:33]>> Again, your company is overstaffed. This is a fact.

[00:32:37]>> So you have 200 people when you need 100 people on a shift.

[00:32:41]>> When you keep the 100 people on that shift, you take the remaining 100 on another shift. Obviously, you know, you're now utilizing the human resource effectively without having to pay overtime. So, these are some of the things you have to sit down and really plan for it. It doesn't happen, you know, by accident.

[00:33:00]>> Now, now let's look at how you are surviving in this digital age. How are you surviving? What plans do you have for for the upcoming years?

[00:33:09]>> In 2024, in November, we introduced the E Gazette. It had been launched prior to our coming but there was nothing to show for it. We introduced the e gazette now sitting here and not just a no not just any lip service sitting here if you take your phone you can apply for a gazette and you will get it by delivery. You don't have to come to us. So that is part of the digital innovation. Now our digital our digital uh bookshop is ready. Ebook shop is ready. It probably will be launched somewhere in the course of this month. So you can stay at home again buy an act of parliament or any of the things we sell in our inventory book shop it will be delivered to you >> okay >> so we you have an eboo shop you have an eaz and we will keep trying to improve uh you know a lot on the e- market uh and so again yes we have we are very conscious of that and we're we're preparing ourselves you know for for that market too >> and o over 600% leap in your profits. Um this is a big momentum that many have said that possibly will be difficult to maintain. How are you planning to maintain this momentum uh for the following years?

[00:34:23]>> Well, I mean everybody who understands the numbers know that when you move profit from 2 million to 16 million >> uh it will be it will be 600%. If you move it to 16 million to 32 million it will be 100%. So even if you double what you did this year, you repeat the feat and double it, you still won't get these percentages.

[00:34:48]>> But what is important is that you know we are making every effort to drive the profit you know and liquidity position of the company to its maximum and we will continue this drive you know we set ourselves targets we will continue to make effort invest in the company and grow it. When I came I said the first thing I said I had seen a sleeping giant >> and I intended to awaken it. I think that you know you would see these indicators as you know the waking up of a sleeping giant and if the company continues in the trend that is is is going on. I expect it to do quite quite well.

[00:35:28]>> Now now you talk about you seeing a sleeping giant. Your predecessor said they put the right structures in place for you to be able to be at where you are at the moment. What you have to say about that?

[00:35:41]>> Well, I mean, you tell me. You looking at the figures. So, you tell me which of the structures improved the gazette sales for instance. Which of the structures they put in place reduced the expenditure? Because what you're talking about is a reduction in expenditure and an increase in revenue. So, which of the structures would have improved? Do you look at you know because I've heard him in that space say that oh they put the kumasi office in 2024 that office did 13 million by the way he says it that's enough to pay to pay the salaries now the audited financials will tell you in fact in 2025 that revenue reduced and you have seen it to 10 million >> so it's not the driver of revenue in in this case and when we're talking about and I've explained to you how we reduce the expens expenditure talk is easy but how have you put in structures that reduce my expenditure as MD and if you have capacity to put in structures to improve revenue then if you spend seven years we should see the improvement you putting all the structures for seven years and then you know the success comes when you're gone I don't know how that magic happens people like to take credit let the figures speak >> um I think so before we go we know that addition to plants, property and equipment was about 7 million Ghana CDs.

[00:37:02]What exactly did you add on to within the past year that resulted in the 7 million in 2025?

[00:37:08]>> Well, we set up a whole digital press center.

[00:37:11]>> Okay.

[00:37:11]>> A whole digital press center but equipment significant equipment that was significant investment.

[00:37:19]um you know company acquired additional vehicles you know even now today we've presented two other vehicles to you know the marketing team so these are areas that we we invested you you know and plant and equipment but if you go even beyond it to the physical facelift and if you've been to Ghana publishing recently you will see there has been constant improvement also in the structure that we have companies old 1965 you know old old structures. We're trying to modernize some of them. So, as and when we have revenue, we invest in the companies.

[00:37:54]>> Final comments before you leave us.

[00:37:57]>> Well, I mean, I would continue to tell the people of Ghana uh they put us in charge of this economy and you have seen the direction that President Muhammad wants to take this country. all of us are motivated to follow his lead and so we would continue to you know work hard for the people of Ghana towards the reset agenda. Um and what we have done with the 24-hour service tells you that when Ghana fully uh embraces our 24-hour economy, there is definitely room for the country to to you know to surge saw higher. I I I want everybody to know that the Ghana publishing company is a new entity now. You have publishing and printing jobs that you you want for you know a credible institution to do for you then you come to us you're safe and most definitely when you have gazette needs please by all means come to us.

[00:38:56]Great. Um viewers, this where we'll draw the curtain on the conversation, but investors who are hoping to possibly uh invest in Ghana Publishing Company Limited, they are not on the stock exchange at the moment, but we definitely will be finding more answers whether they'll be coming to the market very soon. The MD says where they are at the moment, they think that they are fine. And in fact, if you look at their numbers and their share value at the moment, um I'm sure many investors will be hoping that they come to the market soon. So, you can also take advantage of the boom going on. 600% increase over 600% increase uh in profit. That's what we discussed and you saw the numbers how that came about. We've broken it down.

[00:39:35]You now understand how the company moved from a 2.2 to 3 million Ghana cities to more than 16 close about 17 million city profit in 2025. Nana Quisi is a lawyer and managing director Ghana Publishing Company Limited was our guest on big analysis. Uh my name is Isaac Kofia Jane and I did this with Caleb Z.

[00:39:59]>> So definitely the pause is next with um Kenneet Jesse Anna. Thank you very much for being here.

[00:40:05]>> Thank you very much.

[00:40:33]In 2025, the Bank of Ghana reported a loss of 15.63 63 billion Ghana cities.

[00:40:39]But without one major move, that loss would have been 33.19 billion Ghana cities.

[00:40:45]>> So what actually changed the picture?

[00:40:47]Gold. The bank sold refined gold it had accumulated under its domestic gold purchase program.

[00:41:12]The gold was bought mainly in 2023 and 2024 when prices were relatively lower.

[00:41:18]By 2025, prices had increased. So when the bank sold it, it made 9.57 billion Ghana cities in profit.

[00:41:28]And there is also the savings jar effect. past gains from rising gold prices that were not actually recorded immediately.

[00:41:35]>> When the gold was sold, those gains were released adding 7.99 billion Ghana cities.

[00:41:42]>> So in total, gold delivered 17.56 billion Ghana cities in relief. Without it, the loss jumped to 33.1.