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The National Media Commission (NMC) inaugurated the newly constituted nine-member board of Graphic Communications Group Ltd. (GCGL) on Tuesday.
The 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 remaining members are Nana Ama Poku, Dr Gilbert Tietaah, Juliet Amoah, and the Managing Director of GCGL, Ato Afful.
Present at the ceremony were the Chairman of the NMC, Yaw Boadu-Ayeboafoh, Executive Secretary of the NMC, George Sarpong, and other commission members, including former Editor of Graphic, Kobby Asmah.
Mr Boadu-Ayeboafoh, who swore in the new board, described the recapitalisation of GCGL through an initial public offer (IPO) as the ideal approach.
He noted that after discussions with the principal owner of the company, the commission decided that raising fresh capital from the stock market was the best alternative.
He said that the condition agreed upon was to avoid selling the company cheaply to political figures and to ensure it is packaged for broader public ownership.
Mr Boadu-Ayeboafoh urged the new board members to allow the editorial team to work independently and avoid influencing editorial content.
He also encouraged the staff to support management amid global challenges in the newspaper industry and to refrain from spreading negative rumors that could damage the company’s reputation.
He advised Mr Sefa, the new board chairman, to operate independently, affirming confidence in his competence.
Mr Afful said the company had digitised its old newspapers to make them keyword searchable and established a digital studio using internally generated funds (IGFs).
Despite these advancements, he highlighted challenges such as stretched resources, cash flow difficulties, and exchange rate losses.
He also noted the need for retraining to align with the digital shift and mentioned ongoing work with the NMC to adhere to election coverage guidelines.
Outgoing board chairperson, Prof. Olivia Frimpong Kwapong, praised GCGL’s professionalism and supported the recapitalisation process, expressing confidence that it would be managed effectively.
Mr Sefa committed to addressing the company’s challenges, including staff attitudes, bad debts, and human resource issues, and ensuring successful recapitalisation efforts.
