GTP begins a transformation, changing its name from the Ghana Textile Printing Company to Tex Styles Ghana Limited. Management starts to take on the threat posed by cheap imports; increasing efficiency and cutting production costs, a lengthy, sometimes necessarily painful process that eventually results in production increasing to a very healthy 18 — 20 million yards per annum by 2010. Ghana sees a revival too, with the first peaceful, uncontested renewal of a government mandate in its young history.
After a long and loyal relationship with GTP, Gamma Holdings sells its stake in the company to Actis, a London based private equity firm specializing in emerging markets. Vlisco, a firm with a trading history in the West Africa sub region dating back to the 19th century, takes on the distribution side of the business. Ghana’s Black Stars become the third team to reach the quarterfinals of the FIFA World Cup, beating the mighty USA on the way to doing so and being denied a semi-final place in the first contest on African soil only by an infamous handball and missed penalty in the final minutes of their quarterfinal match with Uruguay.
GTP embraces the Internet and social media with its potential for greater consumer insights and business opportunities around the world, both powering and profiting from the steadily rising profile of African cultural influences in the global marketplace, particularly in the world of fashion. The future is as bright and bold as our flagship NuStyle fabrics. Ghana’s iSPACE foundation introduces the Odekro.org website to promote transparency, provide online access to public records and help Ghanaians keep a watchful eye on their public servants, particularly MPs. GTP and Ghana are clearly moving in the right direction.
By Sylvester Ahiable
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