Standard Newspaper and Magazines Limited holds second AGM

Accra, June 4, GNA - The Standard Newspapers and Magazines (SNAM) Limited, publishers of the Catholic Standard, a weekly newspaper on Thursday, held its second Annual General Meeting (AGM) to review the performance of the newspaper for 2007.

The meeting also unanimously confirmed the appointment of Mr Dan Dzide, Executive Secretary of the Department of Social Communications of the National Catholic Secretariat of the Catholic Bishop's Conference, as the new Secretary of the Board of Directors of SNAM. The meeting resolved that SNAM's external auditors, Messrs Issifu Ali and Co, which had been with the Company for so many years, be replaced by Messrs Asafo Adjaye and Co as the Company's new external auditors, to ensure variety in its financial operations. Mr T. K. Oteng, Acting Chairman of the Board, in an address read for him, commended the management and staff of the newspaper for working hard towards the sustenance of the paper over the years even under unfavourable market and in-house conditions. He said though the Company made some improvements in 2007 as against 2006 in terms of its income and expenditure, it could not realise its real profit due to huge indebtedness by various parishes and vendors.

He said owing to its weak financial position the company could not declare any dividends for 2007. Mr Oteng said according to the financial performance report, total income for the year under review was 166,372 Ghana cedis as against 144,864 in 2006, which was an increase of 21,508 Ghana cedis, representing 14.85 per cent.

On the expenditure side, the total spending of the company in 2007 was 159,846 Ghana cedis, as against 141,524 Ghana cedis for 2006, an increase of 12.95 per cent. Mr Oteng said the company ended the year with profit before tax of 8,563 Ghana cedis as against 6,320 Ghana cedis in the year 2006. He, however, explained that records showed that indebtedness to SNAM by various parishes and dioceses alone stood at 50,122 Ghana cedis, adding that though frantic efforts had been made by the Board to identify debtors and recover the costs they had failed to achieve any meaningful results.

He stated that the Internal Revenue Service (IRS) had been on their heels demanding taxes based on presumed profits and called on its debtors to make it their priority to honour their debt obligations to the company some of which could be dated as far back as 2001. The Chairman said the newspaper was facing major operational and financial challenges owing to the current global economic crunch, saying the high cost of production and poor public patronage was adversely affecting the operations of the newspaper. "In Ghana, well known Christian newspapers, including the Catholic Standard, are facing serious financial difficulties because they do not carry sensational news or politics and sports, which majority of the public seem to like," he said.

The Chairman said the Board had expressed great concern and worry about the low public patronage of the newspaper and the study decline in its circulation over the past few years. He said there was also the need to increase the pages of the newspaper from 12 to 16, go colour and pay more attractive salaries to SNAM staff and also employ a professional and reliable Marketing Officer to generate more advertisements, jobs, collect debts and ensure efficient sale of the newspaper.

Most Rev Gabriel A. A. Mante, Episcopal Chairman of the CSNM Board, reiterated the need for a well developed business plan to ensure the growth of the Standard newspaper.

He appealed to the entire Catholic community in the country and especially the Nights of Saint John and Knights of Marshal to encourage their members to subscribe to the paper and also all parishes and Dioceses to promote sales in their communities.