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    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

    Gold exports push Ghana’s trade surplus to $1.3 billion in April

    Value of MoMo transactions decrease by 3% between March and April 2022

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    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

    Gold exports push Ghana’s trade surplus to $1.3 billion in April

    Old Mutual celebrates 177th anniversary globally, 10 years in Ghana

    Gov’t expenditure needs to be checked to help deal with inflation – ICAG

    Take control of financing on the continent – Ofori-Atta to AfDB

    We’ll avert any looming food crisis with effective planning – AfDB Boss

    Value of MoMo transactions decrease by 3% between March and April 2022

    Inflation rate likely to drop to single digits in 2023 – Dr. Ernest Addison

    Monetary Policy Rate increased again by 200 basis points; now at 19%

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    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

    Gold exports push Ghana’s trade surplus to $1.3 billion in April

    Value of MoMo transactions decrease by 3% between March and April 2022

    Inflation rate likely to drop to single digits in 2023 – Dr. Ernest Addison

    Monetary Policy Rate increased again by 200 basis points; now at 19%

    Government partners private companies to mine abandoned iron ore in Oti Region

    Manufacture of petroleum products push PPI to 31.2% in April

    Nigeria begins processes to join Ghana-Côte d’Ivoire Cocoa Initiative

    Victor Yaw Asante, FBNBank Ghana MD

    Banks will continue to innovate to meet customers’ expectations – FBNBank’s MD

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    Government to invest heavily in internet safety – Ursula pledges

    Ho Node Hub rebrands as Node Eight

    Elon Musk strikes deal to buy Twitter for $44bn

    Block chain’s success will depend on supportive policy environment – Prof. Quaynor

    1.5% E-Levy rate will negatively impact GH¢6.9 billion target – Prof. Quartey

    Transactions to be affected by E-levy

    Bethniel Finance emerges winner in Innovation Challenge Program

    Taxing of non-resident e-commerce entities in Ghana could push prices up – Technology Consultant

    BoG cautions against fraudulent money-doubling scheme ‘BitCash Currency Exchange’

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    We’ll avert any looming food crisis with effective planning – AfDB Boss

    Standard of cars assembled in Ghana will not be compromised – GSA assures

    GUTA urges gov’t to get other countries to open their borders to facilitate trade

    Kyle Kelhofer appointed as IFC Senior Country Manager for Benin, Ghana, Liberia, Sierra Leone, and Togo

    Greater, more diverse participation in global trade is key to achieving Africa’s economic transformation – World Bank

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GTP sacks 178 workers in 2016

bycitibusinessnews
December 23, 2016
in Government, Local Economy, Top Stories
Share on FacebookShare on TwitterShare on Whatsapp

Ghana Textile Printing (GTP) Limited, has laid off 178 workers over operational challenges.

The affected staff comprises 138 permanent and 40 casual workers.

The Marketing Director of GTP, Rev. Stephen Kofi Badu who disclosed this to Citi Business News attributed the situation to a restructuring of the company’s operations to sustain its viability.

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“Two major problems that confront us is the issue of counterfeit and the energy cost which are all affecting our bottom line operations. We needed to take certain action and part of that is to restructure. As a result, the redundancy is a consequence of the restructuring,” he explained.

The textiles company which has had to bear the brunt of competition from pirated products, has undertaken previous redundancy exercises between 2014 and 2015.

But Rev. Badu tells Citi Business News the numbers have increased significantly this time round.

“The first batch was in late 2014 when about 22 of our staff were laid off; then in 2015 a few others were also laid off but the number has increased this time round because of the restructuring.”

In addition, the company was unable to meet its target for 2016 following the impact of the high operational costs.

“We could not achieve our targets for the year; the year is about to end and so far, we are nowhere near our targets. We were expecting to sell at least eighteen million yards but as it stands now, we are nowhere near that,” Rev. Badu opined.

Meanwhile GTP says it is highly hopeful of the policies of the incoming government.

According to the company, the new government should institute measures to reduce the high utility costs and ease out the high burden cost.

“We are very hopeful; we’re expecting a good year ahead of us …our utility bills are very high and it is killing us,” the company’s Marketing Director concluded.

–

By: Elvis Washington/Pius Amihere Eduku/citibusinessnews.com/Ghana

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