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The Divestiture Implementation
Committee (DIC) has sold the GAMA Film Company (GFC) Limited to Media
General Ghana Limited, operator of TV3, which is owned by persons
believed to be fronting for powerful persons in the National Democratic
Congress (NDC) government, for an unthinkable amount of GH¢5 million.
The transaction was completed last week.
The
DIC Board and President John Dramani Mahaha approved the sale of the
profit-making state-owned GFC to Media General at what some valuers say
is a giveaway price, after the Architectural and Engineering Services
had valued the building at GH¢4 million. The Board decided to sell the
property at GH¢5 million, which dealers in real estate players affirmed
is pea nuts. According to independent valuers, the prime area land owned
by GFC alone costs more than GH¢ 5 million.
The DIC usually
sells non-performing state-owned enterprises but since GFC is viable and
makes enough money to pay its workers, suspicion of a sleight of hand
deal surrounding the divesting of the company is rife among the workers.
Our sources disclosed that there was a deliberate scheme by the
government, the GFC management and the DIC who connived with the owners
of Media General to cripple GFC for TV3 to take over the company.
“TV3
decided to starve us of funds and refused to pay rent and for the use
of the studio. They refused to pay our the productions like “Chorkor
Trotro” and “Shoeshine and Barber” even after the sponsors have paid
TV3. They brought Jude to destroy the company so that TV3 can acquire
GFC,” the sources stated.
Our sources said the current Managing
Director of GFC, one Jude, was planted by the government to run down the
company to enable TV3, whose owners are allied to the NDC, to purchase
GFC for a song. The sources cited the case of a South African company
which used to rent GFC’s studio for $23,000 but the management later
refused to rent the studio to the company without any reason. Since
then, the studio has been idle.
On another occasion, the Managing
Director informed the DIC that GFC was bankrupt when the truth was that
the company was operating profitably. When the DIC brought GH¢39,000 to
bail out GFC, the workers protested and declined to take the money. The
workers accused Mr. Asakkua Agambila, the Executive Secretary of the
DIC, of dodging them whenever they visited him to apprise him of the
true state of the company.
"Public Agenda" got in touch with Mr.
Agambila and asked him about the sale of GFC -- he confirmed the
divestiture and the approval by the Board and President Mahama. But he
disagreed that the GH¢ 5 million was cheaper than what pertains in the
property market. When queried why the divestiture did not go through
competitive as required by the DIC law, he explained that the law
provides that the first option should be given to the occupant of the
property in the event of a sale. He further stated that it was only the
head office building of GFC that was sold.
When pressed about the
status of GFC’s studio, equipment and other assets, Mr. Agambila
restated that it was the building alone that was divested. He said GFC’s
cinema halls and other properties at Asamankese, Koforidua, Accra and
other places are not included in the deal. But he informed this paper
that the workers have been laid off. The workers, however, dismissed his
claim as smacking of dishonesty and insincerity.
Former
employees of the Ghana Film Industry Corporation, the predecessor of
GFDC, and many observers condemned the sale of GFC because they believe
it does not make business sense to divest it when it is profitable. "A
political mafia has a interest in the deal but it is Ghana that will
lose in the final analysis. The price TV3 bought GAMA film is chicken
feed," one ex-employee lamented. |
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