The Ghana Ports and Harbours Authority (GPHA) on Monday announced that it would invest GH¢13.3 million in the operations of PSC Tema Shipyard and Drydock Company to enhance its profitability.

The funds would help the company to purchase some equipment to help revamp the operations of the shipyard.

Paul Asare Ansah, Acting Director-General of GPHA, disclosed this when members of the Parliamentary Select Committee on Trade, Industry and Tourism toured the GPHA facilities on Monday.

He disclosed that his outfit was considering strategic partnership for the company to regain its past glory.

The PSC Shipyard has the potential to increase revenue for the government and create direct and indirect jobs for Ghanaians.

The shipyard has two graving docks of 100,000 deadweight (dwt) and 150 tonnage slipway facility capable of servicing vessels of various sizes, offshore operating facilities, oil tankers and rigs.

According to him, plans were far advanced for the authority to refurbish the shipyard, which is in deplorable state.

He was optimistic the steps taken by GPHA would help the Tema Shipyard to venture into the building of Floating Production, Storage and Offloading (FPSO) vessels in the future for the oil and gas industry.

Mr Ansah further revealed that the shipyard would in the near future open fabrication and other works to the general public to help realise the enormous potentials of the facility.

Last year, Cabinet ordered the Ministry of Transport to transfer the operations of the PSC Tema Shipyard and Dry Dock Company Limited to GPHA with immediate effect.

A statement signed by former Communications Minister, Dr. Omane Boamah said the decision was taken at Cabinet’s 41st meeting chaired by former President John Mahama.