Former Chief Executive Officer of the Ghana Publishing Company Limited, David Asante, has alleged that the current Managing Director of the company purchased a brand new Toyota Land Cruiser costing nearly US$200,000 for his personal use, while the company acquired a digital printing machine worth about US$20,000 within a few months of the new management taking office.

Mr Asante made the claim while responding to recent commentary suggesting that the Ghana Publishing Company was financially distressed before the change in management. 

He argued that such claims are inconsistent with the company’s financial position at the time of the transition, insisting that the company was profitable and well-resourced.

“If the company was in such a bad state financially, the new management could not have afforded to buy a brand new Toyota Land Cruiser at almost US$200,000 for the MD’s office and an almost US$20,000 digital machine for the company in less than four months,” Mr Asante said.

He maintained that the funds available to the new management were the result of sustained profitability, investments, and revenue streams built during his tenure under the previous administration. 

According to him, the financial strength of the company was clearly captured in audited accounts and supported by ongoing income from major contracts and regional operations.

Mr Asante stressed that attempts to portray the Ghana Publishing Company as having been recently rescued from financial collapse are misleading. 

He insisted that the company’s transformation occurred over several years and that the records “are there for all who seek the truth.”