The Ghanaian government has taken back full ownership of the Tema shipyard. The government reclaimed the 60% share it sold to the Penang Ship Building Co. of Malaysia.
Koku Anyidoho, director of communications at the Office of the President, told journalists in Accra, "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."
It took the government almost three years to negotiate the cancellation of the Joint Venture Agreement (JVA) with Penang. Ghana’s Cabinet has put its final seal on the negotiated settlement.
According to reports the shipyard has been mismanaged for years. Anyidoho said he foresaw that the future of operations at the Tema Port would be more vibrant as the restoration of full ownership to Ghana would attract more vessels coming to dock and berth at the Tema Port.
The reclamation would also allow for expansive retrofitting and attract more of Ghana's expertise in the oil and gas industry, as well as the maritime industry.