A resignation tsunami has hit the Business and Financial Times newspaper, theghanareport.com has learnt.
From a staff strength of about 40, at least 19 staff have left within 12 months. The exits include some 10 long-serving staff.
Only four staff remain in the newsroom at Ghana’s acclaimed business reporting media outlet.
The severe attrition rate is generally to secure improved working conditions. A rival brand, Goldstreet Business, has been the major beneficiary of the exit, theghanareport.com can confirm.
2019 will be remembered for a wave of resignations in the Ghanaian media as journalists cross carpets in search of greener pastures but it appears the B&FT was the worst hit.
The company lost four key members of the editorial team, five from the marketing team and an accountant have all resigned citing the precarious financial position of the company over the last three years that has made it nearly impossible for salaries to be paid monthly over a three-year period.
The new resignations add to the tall list of employees who resigned from the company in 2019 alone. Two members of the editorial team resigned mid-2019, and four resigned from the marketing and events departments.
Ms. Nana Adwoa Dwommoh, who took over the Events Manager position from Evelyn Kanyoke also resigned two months after her appointment within the same year, 2019.
B&FT has been without a Human Resource Manager for more than a year after the resignation of its HR Manager.
Multiple sources who spoke to theghanareport.com on condition of anonymity said the company is weighed down in debts.
It is heavily indebted to the Ghana Revenue Authority (GRA), owe current and ex-staff thousands in unpaid salaries, provident and tier 2 funds that were deducted but not paid to the requisite fund managers, and a constant run in with the Social Security and National Insurance Trust (SSNIT) over unpaid SSNIT deductions.
Despite realising millions in cedis from organising successful events, including the recently held Ghana Economic Forum (GEF) that was addressed by President Nana Addo Dankwa Akufo-Addo, the company has consistently failed to pay staff their due and to pay the mandatory taxes and deduction made on staff salaries to the likes of GRA and SSNIT.
Below is the full list of staff who resigned in 2019 alone:
1. Dominic Andoh — Deputy Editor
2. Patrick Paintsil — Maritime correspondent
3. Benson Afful —. Education correspondent
4. Eugene Davis — Parliamentary correspondent
5. Basiru Adam. News Editor
6. Richard Abbey— Online Editor
7. Joseph A. Bissue –Accountant
8. Alex L. Agyeman –Circulation Manager
9. Nana Adwoa Dwommoh— Events Manager
10. Gifty Mensah—. Marketing
11. Irene Mottey— Marketing
12. Edna Eyram Swatson— Marketing
13. Ruth Fosua Tetteh—Marketing coordinator
14. Doreen Owusu—Marketing
15. Sarah Opoku—Marketing
16. Emmanuel Amoateng—Sales
17. Eleanor Gamor—Front Desk
18.Nicholas Quarmyne—Business Development Manager
19 Audrey Masudong—Events
Theghanareport.com is learning that in 2019 a foreign investor had approached the management of the company to invest in the company but management did not show interest.
However, the investor was advised to go to GoldStreet Business where the deal was reached. Most of the B&FT editorial staff moved to the brand.
In 2019, more than 40 journalists resigned from various media houses in Ghana.