Accra - As at Wednesday evening, credible information reaching The Dispatch confirmed a story carried earlier by The Crusading Guide, that the New Times Corporation (NTC) is in serious financial crisis. Workers have been informed that the earliest they can expect to be paid their July salaries would be August 8 or 9. Many allowances have either been cancelled or slashed drastically.

A source close to the Board of Directors, in an interview confirmed that the newspapers in NTC stable - The Ghanaian Times, The Weekly Spectator, The Evening News and The Sporting Times are doing well but there was the need to be more pragmatic.

He added: "We (the Board) must be bold to take some decisions before NTC collapses on our hands. We think the Evening News should cease publication and be integrated into The Ghanaian Times. We need to revamp the Sporting Times (publication currently suspended) or cut our losses. Some of the Board members should also be a bit considerate in incurring more expenses like phone bills and claiming some allowances."

He however declined to comment on why a fellow Board member, Mrs. Boeh- Ocansey, doubles as Acting General Manager of the NTC, saying, "on that issue, ask the top men in government."

A source at the NTC Accounts Department was more frank, "either we agree to take pay cuts or the future looks very, very bleak."

Dispatch investigations continue.