Multimedia Group Seeks New Opportunities
Multimedia Group Limited, operator of Joy FM, is set to propagate its success of Ghanaian enterprise abroad, especially in the West African sub-region.
The company, which operates 5 other radio stations in the Greater Accra and Ashanti regions including Adom FM and Luv FM, plans to explore opportunities in Sierra Leone, Cote d'lvoire, Togo and the Democratic Republic of Congo.
It has already extended its operations to Libya, where it has acquired a majority stake in a local FM station.
The decision comes as a great boost for the country as some Ghanaian entities such as Data Bank Group have already cross boarders by setting up subsidiaries in Gambia and elsewhere.
According to Kwesi Twum, Chief Executive Officer of the Multimedia Group Limited, the expansion programme is in line with the company's vision of becoming a world-class African Media Group.
He opined that in a globalize environment, any business seeking to really grow needs to look beyond the confines of its immediate geographical location.
Discounting the claim that local companies do not have the capacity to challenge competitors in the sub-region and beyond, the CEO asserted that multimedia Group Limited has the organizational capacity to grow, not only in West Africa, but the continent as a whole.
“Ghana has become a net importer of media; the time has come for us to change that,” Mr. Twum stated.
Touching on challenges facing the media industry in Ghana, Mr. Twum mentioned low advertising rates, pointing out that rates in Cote d'lvoire are four times higher than in Ghana, while they are 12 times higher in Nigeria.
He said the potential for development in the broadcasting industry exists but for this to happen, the regulatory authorities would need to create a more conducive atmosphere.
Mr. Twum intimated that the company's idea of listing on the Ghana Stock Exchange has cropped up again and thus taking such a step would be determined by the company's long term objectives.
Apart from Joy, Adom and Luv fms, the multimedia group's local network of stations also comprises Hitz and Asempa FM in Accra and Nhyira FM in Kumasi. In addition the company operates two news website.
The company also has affiliation with some 38 other local radio stations and 13 others based in Europe.
With strength of 279 full time and 66 part time staff, the company has built internal capacity by focusing on training and development as the core feature of its operations, spending 4 percent of annual turnover on training, with staff benefiting from both local and international programmes.
The company was established in 1994 and its first station, Joy FM went on air in 1995 to provide alternative news and programmes to listeners in and around the Greater Accra region.