The Ghana Publishing Company Limited (GPCL) has clarified claims by its former Managing Director, Mr David Asante, that the company’s assets increased by 3,000 per cent in 2023 due to retooling under his administration.

In an official statement issued by the company’s Corporate Affairs Department, GPCL said the 2023 audited financial statements show that the surge in asset value was actually a revaluation surplus following a reassessment of the company’s assets, and not the result of any retooling or equipment upgrades, as claimed by Mr Asante.

“The 3,000 per cent increase in assets constitutes revaluation surplus after the assets of the company were revalued and not retooling, as is claimed by the former MD,” the statement said.

The clarification comes on the back of a debate over the company’s turnaround, with Mr Asante asserting on social media that the current administration was merely benefiting from the improvements he implemented during his tenure.

GPCL, however, emphasised that while operational reforms have continued under the current management, the 3,000 per cent asset increase predates these efforts.

According to GPCL, Mr Asante’s claims have created a misleading impression that he single-handedly transformed the company’s fortunes.

The statement highlights that much of the groundwork for improvements, including the acquisition of key equipment and infrastructure, was inherited from previous administrations and that the current management has focused on consolidating these gains, improving operational efficiency, and expanding production capabilities.

GPCL also noted that it is important to distinguish between actual retooling investments and accounting revaluation of assets.