June 3, 1999 By Desmond Davies

London, UK (PANA) - The Graphic Corporation of Ghana, publishers of the Accra-based Daily Graphic, has acquired West Africa magazine.

The corporation exchanged contracts with the liquidators of West Africa Publishing Company, the former owner of the magazine, which went into liquidation 24 March.

The new owners said that the 82-year-old periodical will be re-launched in July at its original London base.

Kofi Badu, managing director of the Graphic Corporation, said after the signing in London that the acquisition was in line with the corporation's plans to grow into a multi-media enterprise with a portfolio of international titles.

Although West Africa magazine had faced difficulties in the past year, he added that the publication was "without peer as the most authoritative weekly magazine on African affairs in the English language, and that the Graphic was proud to acquire it."

He said the future of the magazine was secure, and expressed confidence that the corporation would turn it round into a viable and profitable publication.

Badu said the new owners were committed to making West Africa "a more vibrant news magazine" by taking advantage of new media technology, "without losing its authority and sobriety".

West Africa's purchase appeared to have rattled a London-based monthly, Ghana Review International, which might have viewed the acquisition as a threat to its circulation in Ghana.

Ghana Review jumped the gun by publishing a story on its website, claiming that the ruling National Democratic Congress in Ghana had bought the magazine.

It had to make a retraction and apology after the new owners of West Africa indicated the contrary.