Ghana Post records GH¢6.173 million loss in 2020

July 21, 2022

Ghana Post, the national postal service, recorded a loss of GH¢6.173 million in 2020, a significant downturn compared to the GH¢995,000 profit it made the previous year.

The company's Managing Director, Bice Osei Kuffour, and other management staff appeared before the (PAC) of to address the infractions highlighted in the Auditor-General's 2021 report.

The loss was primarily attributed to a 16 per cent increase in operational costs and a 20 per cent rise in general selling and administrative expenses during 2020.

The emergence of the pandemic significantly impacted their operations, as borders were closed, leading to increased operational costs and revenue losses due to the need to transport items via airlines.

Mr. Kuffour acknowledged the challenges faced in 2020 but reassured the committee that the situation had improved considerably since then, particularly with the stability of the . He expressed confidence that the company's performance for 2021/2022 would be commendable.

Regarding unused lands owned by Ghana Post, totalling 110 acres scattered across the country, the MD confirmed that the company was taking steps to obtain titles for the lands. Already, 48 acres out of the 110 have secured titles.

Additionally, Ghana Post has entered into an arrangement with a third party to register its lands in and is working on developing a property in partnership with a potential investor at Dichemso in .

The committee raised concerns about the absence of a scheme of service for the company's employees, leading to discrepancies in promotions and career advancements.

Mr. Kuffour admitted that a scheme of service was not in place but informed the committee that a firm was commissioned by the board in 2019 to develop one. He assured that the final draft of the scheme would be submitted before the end of the third quarter of this year.

Other institutions, including the Accra Digital Centre and the Data Protection Commission, also appeared before the committee for discussions.

Latest from Business