Business News of Friday, 25 May 2012

Source: Daily Guide

PSC Tema Shipyard Needs $30m To Operate

PSC TEMA Shipyard and Drydock is demanding about $30 million to help improve its operations to meet the current requirement of the maritime industry.

According to the company, the financial investment will help transform the shipyard into a modern and well-equipped facility to meet the nation’s strategic objectives.

Seth Kugblenu, Executive Director of the company, who made the disclosure in an interview with CITY & BUSINESS GUIDE, noted that the government needs to make the needed investment into the company to enable Tema Shipyard improve facilities to take up modern construction and fabrication works.

He said, “Now that it has become our own, opportunity has to be taken to bring the needed investment and equipment up to the international standard to enable the shipyard and drydock perform the duties that was specifically constructed to do.”

The Executive Director said ship construction has advanced in technology globally, noting that “we lack infrastructure, machinery and all the needed equipment needed to repair ship of modern standards.”

Mr. Kugblenu explained that the needed capital will help the company generate intended revenue for the country since it was constructed for the whole maritime industry.

“If you need to repair new ship, you need new equipment, tools that are specifically constructed to meet the requirement of the industry base on the current technology,” he noted.

He was of the view that the needed resources would enable the company employ about 2000 persons instead of the current 200 employed to help cut graduate unemployment problem in the country.

The government recently announced regaining full control of the Shipyard and Drydock from the PSC Malaysians that held 60 percent equity shares in the company.

The Tema Shipyard and Drydock were built in the 1960s during the construction of the Tema Harbour to develop the country’s maritime industry and socio-economic development.

On November 8, 1996, Government of Ghana sought a strategic investor to help improve operations of the shipyard.