The Government of Ghana has finally reclaimed the extra 60 per cent shares in Tema Shipyard that was sold to Malaysian company, Penang Ship Building Company, Citi Business News has uncovered.
The Ghana government now has 100 per cent ownership in the shipyard.
Government over the years has expressed concerns over the management of the Tema Shipyard, forcing it to enter a renegotiation exercise with the Malaysian company to retrieve its shares.
“The decision to urgently salvage such a Strategic Asset was taken in the supreme interest of Ghana, especially at a time that oil and gas have been discovered in commercial quantities, and with sea traffic moving heavily in the direction of Ghana,” Mr Koku Anyidoho, the Director of Communications at the Presidency told Citi News.
According to government sources, Cabinet last Thursday put its final seal on the negotiated settlement, cancelling the Joint Venture Agreement with Penang Ship Building Company and Construction Company of Malaysia.
The government insists the decision to reclaim such a national asset is in the supreme interest of the country.
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