Tema, April 16, GNA - The Maritime and DockWorkers Union (MDU) has called on the Ministry of Trade and Industry to take immediate and urgent steps to prevent the complete collapse of PSC Tema Shipyard.

Mr Kofi Asamoah, General Secretary, accused the management of the shipyard of financial malpractices at the Eighth Quadrennial Delegates' Conference of MDU on Friday at Tema.

He said the Malaysian investors, who bought 60 per cent of the shares of the company, have failed to inject the needed capital and there were irregularities associated with sub-contracting of jobs and purchasing, as well as authoritarian management style.

The result is that the shipyard is gradually but systematically being destroyed. He said the "Dock One" pump, which is vital for the operation of the shipyard is in a precarious state and if it was allowed to break down the company would be forced to close down.

The General Secretary said MDU has made a number of representations to the appropriate ministries and has held discussions with officials of the Gateway Project.

"We are aware that it is the workers and the nation as a whole that would be the losers in the event of its closure". Mr Asamoah said the Fisheries Sector, which is an important source of protein for Ghanaians as well as foreign exchange earner, is faced with a number of serious problems that must be resolved.

He said the MDU was worried about the grave challenge of the gradual "depletion of fish resources largely caused by the unscrupulous operations of foreign vessels in our territorial waters", which have made it difficult for Ghanaian owned fishing vessels to make adequate catches.

Mr Asamoah expressed dissatisfaction with the neo-liberal economic policy, which permitted the unrestricted importation of fish and fish products that has created unfair competition that is gradually killing the local industry.

He complained about rising oil prices and the rapid depreciation of the cedi that have made the cost of bunkering prohibitive, adding, "the result is that many operators can hardly raise the finances required and where they manage to do so, the returns are marginal".

The theme for the conference is "strengthening the capacity of the union to meet the emerging challenges".