Ato Afful, the Managing Director of Graphic Communications Group, at yesterday’s staff meeting, fumbled as he struggled to address inquiries from the workers. Many questions posed by the staff went unanswered, leaving Afful, visibly agitated.
One of the key concerns raised was Afful’s inability to identify the transaction advisors or the leading company in the process.
This happened as a letter authored and signed by Kojo Oppong Nkrumah, who until the February 14, reshuffle by President Akufo-Addo, was the Minister of Information, has surfaced, saying the government had appointed Messrs. FINCAP SECURITIES LIMITED, as the transaction advisor to assist GCCGL list on the Ghana Stock Exchange (GSE) as part of “recapitalization” of the company.
This move, Mr Nkrumah, now the Minister of Works and Housing, had explained in his one-page letter dated January 8, 2024, was part of a decision made by President Nana Akufo-Addo’s Cabinet on June 30, 2023 to make the company “more viable”.
Mr Nkrumah’s letter, revealed that the matter had also gotten the attention of Parliament at a meeting held on December 14, 2023, with both the Ministry of Information and the Board of Directors of the company, agreeing that listing on the GSE was the best option for the company.
The over 400 workers of the state-owned company, have not been paid for some months now. They also face uncertainty over their job security.
Yesterday, when questioned about the net value of the company, Mr Afful, deferred to a government-appointed evaluation team, fueling frustration among the employees.
Despite Afful’s assertion that Graphic was not financially handicapped, workers insisted on the need for recapitalization, citing ongoing issues such as water dispenser shortages and creditor disputes.
Following the meeting, several workers, expressed disappointment, describing Afful’s presentation as shallow and lacking substance.
It appeared to them that, he was merely delivering a message without engaging in meaningful dialogue.
Afful announced that a valuation team would be deployed to the company for the next six months, tasked with assessing the company’s worth and facilitating its listing on the stock market.
However, his directive for workers to refrain from asking questions during this period was met with scepticism.
Critics argue that, Afful’s dismissive attitude towards staff inquiries undermines transparency and accountability within the organization.
They perceive his characterization of Graphic workers as timid as indicative of a larger disconnect between management and employees.
As tensions persist within Graphic, the outcome of the valuation process and subsequent stock market listing, remains uncertain, casting a shadow over the company’s prospects.
In a bold demonstration of dissent, more than 400 employees of the Graphic Communications Group are preparing to march to the office of former President John Dramani Mahama, situated in Cantonments, Accra to demand clarity on his stance regarding the imminent sale of the state-owned company.
Amid escalating tensions within the renowned media organization, staff members are gearing up for a confrontation with management, over plans to liquidate the company, which is celebrated for its flagship newspaper, the Daily Graphic.
According to reports obtained by The Herald, discontent has been brewing among the workforce, who vehemently oppose the decision by the Akufo-Addo government to privatize the company. This move comes amidst months of unpaid salaries and financial turmoil within the organization.
The workers, aggrieved by the government’s directive to transform the company into a profit-driven entity, are now seeking answers from Mahama, a prominent figure within Ghanaian society and the leader of the National Democratic Congress (NDC), the largest opposition party.
Allegations have surfaced, suggesting collusion between the Managing Director, Ato Afful, former staff members, and a prominent Minister of State to orchestrate a takeover of the company through a private entity. It is rumoured that, this scheme aims to acquire the company’s extensive land holdings across the country.
The Graphic Communications Group, responsible for publications such as the Daily Graphic, the Weekend Mirror, Junior Graphic, and the Graphic Sports newspapers, is facing a dire situation with unpaid salaries, pension contributions in arrears, and unresolved end-of-service benefits for retired staff members.
The workforce is further incensed by the company’s failure to fulfil its obligations to suppliers and maintain essential machinery due to financial constraints.
Expressing concerns over the potential exploitation of the newspaper as a political propaganda tool, workers fear the repercussions for Ghanaian citizens’ access to unbiased information and participation in national development.
