Business General

GTP lays off 600 workers over cost of production

The Management of Ghana Textiles Printing Company Limited (GTP) has announced its decision to lay off some 600 workers at its Tema production line in the Greater Accra Region over the rising cost of production.

According to the management of the company, the cost of power for the production of the yards has pushed management to lay off the workers to save some costs.

The company says it spends about $80,000.00 on water and electricity every month and as a result, had to fall on petrol to power the machines to stay afloat.

The recent hikes in fuel prices is also not making the switch to petrol profitable, management says.

Mr. Michael Kabutey Caesar, the Tema Chamber of Commerce president, took to Accra 100.5 FM’s mid-day news on Thursday, September 1, 2022, to announce the management’s decision to lay off the workers.

He said the company’s production levels have dropped from 85,000 yards daily to 15,000 yards hence the need to lay off some of the workers.

He said because of the drop in production, many of the workers have been idling about when they come to work.

Meanwhile, the electricity tariff has been increased by 27.15 per cent

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