Government has finally taken over complete ownership of the Tema Shipyard. Following a detailed negotiation process between Pennag Shipbuilding and Construction Company, government was able to reclaim its 60 percent interest in the corporation.
Government expressed its intention to take over the Shipyard as the strategic investor, Penang Shipbuilding and Construction Company, failed to achieve the vision and goals enshrined in the Joint Venture Agreement.
Under the agreement, the Malaysian Company was to rehabilitate the Shipyard and also procure reasonable funding required, to meet costs of rehabilitation and completion of the refurbishment of the Shipyard.
Communications Director at the Presidency, Koku Anyidoho told XYZ BUSINESS the takeover is timely as it will enhance Ghana�s budding oil industry.
He explained that takeover is part of the government�s plan to rake in more money and create opportunities for young people in the country.
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