Media houses must have a capital base - Boateng

Story: Maxwell Adombila Akaalare

THE Executive Chairman and Group Chief Executive Officer of the Global Media Alliance (GMA) has called for a specified capital base which prospective and existing media house owners should attain before being allowed entry into the media industry.

Kabral Blay-Amihere, Chairman of the National Media Commission

The former African Head of Turner Broadcasting System (TBS), Mr Edward Boateng, said the lack of financial restrictions on entry into the media industry had led to lots of media houses popping up in the country.
He thus observed: “If we change the dynamics by coming up with a specified capital base for media entry in this country, most media houses would be forced to merge,” a situation Mr Boateng insisted would lead to improve service conditions for media practitioners in the country.
The CEO of the integrated media and entertainment company made the observations during a media day organised by the GMA in Accra.
The programme afforded participants and media practitioners from various media houses in the country the opportunity to share their frustrations and experiences in the field and propose ways of tackling future situations.
It was also used by the company to share, with the participants, the visions and programme line up for the company in 2011.
The media in Ghana, according to Mr Boateng, was positioned as a political tool instead of an economic one as was the case in other countries and thus called on the stakeholders to consider changing the phenomenon.
The public’s view of the media as a political instrument, he said, had made financial institutions in the country sceptical about the media when it came to lending them money for expansions.
“Financial institutions don’t see media houses as huge revenue earners as they see mining and telecom companies.”

Edward Boateng, CEO, GMA

But the media needed access to long term funding to be able to improve on their services such as holding government accountable as well delivering credible information to the general public, according to Mr Boateng.
“I think if we get it right, we would be able to fastrack our development in Ghana and Africa at large,” the CEO said.
He thus called on financial institutions to be supportive of the media as far as funding was concerned.
The Global Media Alliance is an integrated media and entertainment company with business offices in Ghana, Kenya, and South Africa, with affiliate offices in the London and Nigeria.
GMA Ghana comprises of Happy FM, Y FM, e-tv Ghana, all Accra based media houses and Anigye FM based in Kumasi, as well as Silver Bird Cinema Entertainment Ghana Limited which consists of a cinema, a lifestyle store and a game arcade, all in Accra.