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FACT CHECK: Did Ghana Publishing Company actually build up its asset base by 3,000% in 2023?

Date: January 16, 2026 | Source: Life Pulse Daily

Introduction

In the world of corporate finance, a 3,000% increase in net assets is a statistical anomaly that commands attention. Recently, the Ghana Publishing Company found itself at the center of a heated public dispute regarding its financial performance in 2023. The controversy pits the former management against the current administration, focusing on a dramatic surge in the company’s asset base.

While the headline figure—a 3,058% rise in net assets—is mathematically correct, the underlying cause is the subject of intense debate. Was this the result of aggressive retooling and operational efficiency, or a one-off accounting adjustment? This article provides a comprehensive fact check of the claims, analyzing the audited financial statements to distinguish between operational profit and asset revaluation.

Key Points

Background

For a corporation that rarely commands public attention among Ghana’s state-owned enterprises, the Ghana Publishing Company has dominated headlines in recent days. The spotlight follows a public dispute between former Managing Director David Asante and the current administration led by Nana Kwasi Boatey.

The controversy centers on the company’s audited financial statements for the fiscal years 2019 to 2024. In a Facebook post dated January 14, 2026, Mr. Asante highlighted the company’s performance, specifically citing a massive increase in value.

He stated:

“Mr. President, I’m sure prior to your visit to the company last week, your handlers must have briefed you and made available to you copies of the audited accounts of the company for the period 2019 to 2024, showing among others profit and over 3,000% increase in net assets of the company specifically for the year 2023, amongst other remarkable and well documented successes for the company.”

The current administration issued a detailed rebuttal, disputing the attribution of this growth. This disagreement necessitates a deeper dive into corporate accounting principles to understand how asset bases are calculated and valued.

Analysis

To determine the validity of the claims, we must examine the definitions and the data presented in the 2023 audited financial statements.

Defining Net Assets

Before analyzing the figures, it is essential to understand what net assets represent. In financial terms, net assets are the value of a company’s total assets minus its total liabilities. In simple terms, it is what the company owns after subtracting what it owes. This figure is often synonymous with shareholders’ equity.

The formula is straightforward:

Net Assets = Total Assets – Total Liabilities

The Financial Data: 2022 vs. 2023

According to the corporation’s 2023 audited financial statements, the raw numbers confirm a dramatic shift in the company’s balance sheet.

• Total Assets: Rose from GHS 16 million in 2022 to GHS 104.4 million in 2023.
• Total Liabilities: Saw a marginal increase from GHS 13.1 million in 2022 to GHS 13.3 million in 2023.

Applying the formula:

• 2022 Net Assets: GHS 16m – GHS 13.1m = GHS 2.9 million (approx).
• 2023 Net Assets: GHS 104.4m – GHS 13.3m = GHS 91.1 million.

This represents a percentage increase of approximately 3,058%. Therefore, the headline claim that assets increased by “more than 3,000%” is factually accurate based on the bottom-line figures.

The Catalyst: Operational Growth vs. Asset Revaluation

While the percentage increase is correct, the reason for the increase is the point of contention. To understand this, we must look at the composition of the asset growth.

1. Asset Revaluation (The Primary Driver)

The current administration argues that the growth was due to asset revaluation, not operational performance. Asset revaluation is an accounting practice where the value of fixed assets (like land and buildings) is adjusted to reflect current market values. This is a “paper gain”—it increases the balance sheet value but does not generate cash flow.

Financial records indicate:

• In 2022, the company’s land and constructions were valued at GHS 1.6 million.
• In 2023, a revaluation exercise added GHS 85.4 million to the value of these same properties.

This single adjustment accounts for the vast majority of the increase in total assets. Without this revaluation, the company’s asset base would have remained relatively flat.

2. Retooling and New Purchases (The Secondary Factor)

The former management claims the increase was due to “retooling”—the process of replacing outdated machinery or technology to improve efficiency. The financial statements do show new purchases in 2023, including computers, software, furniture, and land.

However, the total value of these new additions was GHS 3.5 million. While this represents genuine investment in the company’s productive capacity, it is statistically insignificant compared to the GHS 85.4 million revaluation gain.

Therefore, while some retooling did occur, it accounted for less than 4% of the total asset increase.

Practical Advice

For investors, stakeholders, and the general public analyzing corporate performance, this case study offers valuable lessons in financial literacy.

How to Read a Balance Sheet

When evaluating a company’s health, do not look at asset growth in isolation. Always distinguish between:

1. Operational Assets: Assets acquired through capital expenditure (CapEx) or generated through retained earnings. These typically drive future revenue.

2. Revaluation Reserves: Adjustments based on market fluctuations. While they improve the balance sheet’s appearance, they do not improve liquidity or cash flow.

Key Questions for Analysis

When a company reports a massive surge in assets, ask the following:

• Source of Growth: Is the growth coming from the income statement (profitability) or the balance sheet (revaluation)?
• Asset Turnover: Has the company’s ability to generate revenue from these assets improved?
• Liquidity: Did the increase in assets result in increased cash reserves, or is it purely a non-cash item?

In the case of the Ghana Publishing Company, the revaluation increased the asset base but did not provide the liquid capital necessary for immediate operational expansion.

FAQ

Conclusion

The claim that the Ghana Publishing Company increased its asset base by over 3,000% in 2023 is accurate in number but misleading in context.

Our analysis of the audited financial statements confirms that net assets rose from GHS 2.8 million to GHS 91.1 million. However, the driving force behind this surge was not operational efficiency or aggressive retooling, as claimed by the former MD. Instead, the growth was overwhelmingly attributed to a one-off revaluation of land and buildings totaling GHS 85.4 million.

While the revaluation improves the company’s balance sheet strength, it does not reflect an increase in productive capacity or immediate profitability. Stakeholders should view this growth as an accounting adjustment rather than a surge in operational performance.