10-Member New Times Corporation Board inaugurated - NMC Chairman urges newspaper companies to collaborate
The Chairman of the National Media Commission (NMC), Yaw Boadu Ayeboafoh, has encouraged newspaper companies to collaborate and find innovative ways to expand their market for effectiveness.
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With the advent of digital media, he said online news had taken over the media landscape and many newsreaders now relied heavily on digital platforms.
He said it had, therefore, become necessary for newspaper firms to come together and find ways of sustaining themselves to avoid becoming a fossil.
Mr Ayeboafoh said this when he inaugurated the new board of the New Times Corporation (NTC) yesterday.
Chaired by the former Vice-Chancellor of the University of Media, Arts and Communication, Professor Kwamena Kwansah-Aidoo, members of the new board include Kwesi Adjei Kersi, former MD of Graphic Communications Group Limited (GCGL), Dr Theresa Larteley Adu, an academic, Lawrence Roland Satuh, a former Deputy Director of Passports, and Dr Charity Binka, a seasoned journalist.
Other members are Julio De-Medeiros, former Deputy Managing Consultant of Akyianu and Associates; Samuel S. Sarfo, a human resource expert; Abdul Moomin Gbana, a geologist, and Managing Director of the NTC, Martin Adu-Owusu.
Mr Ayeboafoh also suggested that newspapers must expand into the realm of social media to be able to compete and meet the market demand.
He said that was because single-copy sales of newspapers had become unattractive and a majority of the youth were rather interested in trends.
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Mr Ayeboafoh further encouraged the new members to work assiduously to steer the company through its current challenging times.
“We have nominated each one of you because we know that there is something within you that when you put together with management and the workers, you can still hold the fort,” he said.
The Managing Director of the NTC, Martin Adu-Owusu, stated that the outgoing board management and staff had taken pragmatic steps in the face of very challenging times over the years to improve the performance of the corporation.
As a first step, he said, they had adopted a three-year strategic plan aimed at achieving the objectives that the company had set for itself.
In addition, he said the company had adopted stringent measures to block all identified loopholes to avoid revenue leakages, minimise wastage and engage in prudent expenditures.
He said it had also paid off a long-standing bank overdraft for its operations.
“In light of this, I am glad to inform you that we are now operating solely on internally generated funds, though under quite a difficult circumstance, but for a good cause,” Mr Adu-Owusu said.
Since the beginning of this year, he said the corporation had made several requests for recapitalisation from the government to support its operations without success.
In view of its inability to secure assistance from the government, he said it had decided to take its destiny into its own hands to maintain its position as a worthy competitor in a highly competitive media environment.
New printing machine
November 30, 2020, he said the corporation had stopped operating its outdated 20-year-old web offset printing machine, which was generating bad print and loss of revenue.
“To stay in business, we were compelled to outsource the printing of our newspapers to ensure quality printing and remain competitive in the market.
“We are happy to inform you that with the support of the NMC and under the guidance of the previous board, we have gone very far with our efforts at acquiring a new web offset printing machine,” he revealed.
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“As I speak to you, we have been reliably informed by the manufacturers that all the components of the machine are ready for shipment to Ghana either in segments or in full, depending on our ability to clear and schedule the rest of the financial aid,” Mr Adu-Owusu said.
The board chairman expressed his appreciation to the NMC for nominating him and gave an assurance that, together with the other members, they would work diligently to help transform the corporation.