A revamped secure gazette service launched in May 2025 drove Ghana Publishing Company Limited (GPCL) to its strongest financial year in recent memory, lifting gazette revenue by 48 percent.
The state-owned printer’s 2025 audited financial statements show gazette related earnings climbed to GH¢50.64 million, up from GH¢34.25 million in 2024. The product, launched in May 2025, carries new security features designed to curb fake gazette documents, alongside a new express option processed within 24 hours.
Revenue from publication and inventory sales also rose sharply to GH¢5.76 million from GH¢1.51 million, an increase of about 281 percent. Together, the gains lifted total revenue by nearly 20 percent to GH¢72.85 million from GH¢60.78 million.
Profit after tax climbed by about 661 percent to GH¢16.96 million, up from GH¢2.23 million in 2024. Gross profit grew nearly 50 percent to GH¢35.01 million.
Cost discipline reinforced the result. Total expenditure declined from about GH¢57 million to about GH¢53 million despite higher business activity. Administrative expenses fell more than 35 percent to GH¢7.16 million, while hotel expenses, subscription costs, and business relations spending each dropped by more than 70 percent.
The improvements pushed GPCL back into positive cash territory for the first time in at least three years. Cash and cash equivalents closed 2025 at GH¢18.77 million, compared with a deficit of GH¢108,079 in 2024. The company had also recorded deficits of GH¢272,672 in 2023 and GH¢250,924 in 2022.
Net cash inflows from operating activities rose by about 764 percent to GH¢27.99 million from GH¢3.24 million the previous year. Total assets grew 27 percent to GH¢135 million.
The turnaround was overseen by the new Managing Director, Nana Kwasi Boatey Esq., whose cost containment measures took effect alongside the gazette refresh. GPCL is also lined up to produce millions of free textbooks for basic schools under the 2026 budget framework.
Sustaining the gains, analysts say, will depend on whether the company can maintain revenue growth while keeping expenditure under firm control.
