Tema District Council of the Maritime and Dockworkers Union (MDU) is urging the Ghana Ports and Harbours Authority, GNPC and SSNIT to, as a matter of urgency, inject capital into PSC Tema Shipyard to salvage it from total collapse.

The MDU says it is convinced that the company has the potential to get back on track with the right investment plan.

In a press statement released on Tuesday, the MDU says its position is premised on the findings of the Chris Akummey’s committee report in 2009 that advised government to buy-back the national asset from the Malaysian administration.

“Considering current realities and the capital expenditure needs of PSC Tema Shipyard, we support the recommendation of the Chris Ackumey committee's report which states that Ghana Ports and Harbours Authority (GPHA), Ghana National Petroleum Corporation (GNPC) SSNIT among others have the financial capability to raise the needed capital.

“It is our view that a combination of the expertise and capital strength of GPHA which is a well-established maritime industry, GNPC which operates in the oil industry and SSNIT will be able to revamp PSC Tema Shipyard,” the statement stressed.

Below is the full statement of the Maritime & Dockworkers Union of TUC

STATEMENT OF THE TEMA DISTRICT COUNCIL OF THE MARITIME AND DOCKWORKERS' UNION (MDU) ON THE FUTURE OF PSC TEMA SHIPYARD

The Tema District Council of the Maritime and Dockworkers' Union (MDU) is convinced that PSC Tema Shipyard has the potential to play a very important role in the economy of Ghana in terms of employment generation, revenue generation and the local content aspect of the oil industry.

Based on the enormous benefits that the country stands to gain from the PSC Tema Shipyard, the Tema District Council of MDU has participated actively in the struggles of Tema Shipyard to ensure that the company operates at its optimum for our country to reap maximum benefits from this strategic national
asset which had been part of the vision of Osagyefo Dr Kwame Nkrumah.

Based on our conviction to see a productive PSC Tema Shipyard under Ghana's control, the Tema District Council of MDU took a position in favour of Ghana Ports and Harbours Authority (GPHA) taking over PSC Tema Shipyard and
struggled against the attempts by Tullow Ghana to take over Tema Shipyard.

Our interest in PSC Tema Shipyard operating under the management of GPHA was informed by the fact that the Chris Ackumey's Committee report of 2009 which formed the basis for the buy-back of PSC Tema Shipyard from the Malaysian administration had mentioned GPHA as one of the companies that should manage PSC Tema Shipyard in addition to the fact that it was GPHA that paid the US $6.36 million to Penang Shipbuilding and Construction to conclude the buy-back arrangement.

The Tema District Council of MDU and the National Secretariat of MDU used the payment of over $6 million by GPHA in the buy- back arrangement to strongly push our position for the takeover of PSC Tema 4, 1 • 1 1 / - 1 TNT T A 4.1- -1: - " e. *-1 11.. /lC DC ri T m n Shipyard but Honourable Dzifa Attivor, the then Minister of Transport debunked our argument that the money paid by GPHA belonged to the government of Ghana and so the payment should not be used as a basis for advancing the takeover of PSC Tema Shipyard by GPHA.

The government later abandoned the idea of a takeover of PSC Tema Shipyard by a Ghanaian institution and opted for a Strategic Investor with the help of a Transaction Advisor which has also not been successful.

We are providing these detailed historical records to support our long standing conviction that PSC Tema Shipyard should be managed by Ghanaian institutions which is the motivation for our involvement in the struggles of PSC Tema Shipyard.

The recent agitations in PSC Tema Shipyard has been a source of concern to the Tem District Council of MDU and VC have been involved in the efforts to restore peace in the company in order to work towards the building a sustainable future for the company and the employees.

It is reported in the media that the Minister of Transport, Honourable Fiifi Kwetey mentioned government's decision for GPHA to manage PSC Tema Shipyard when he was on his official tour of PSC Tema Shipyard on 10thMay, 2016.

Our historical involvement in the struggles to revamp PSC Tema Shipyard, our expectation was that we would be involved in the discussion of the future of PSC Tema Shipyard and the announcement of the future of PSC Tema Shipyard came as a surprise to us.

Considering current realities and the capital expenditure needs of PSC Tema Shipyard, we support the recommendation of the Chris Ackumey committee's report which states that; "Ghana Ports and Harbours Authority (GPHA), Ghana National Petroleum Corporation (GNPC) and Social Security and National Insurance Trust (SSNIT) among others have the financial capability to raise the needed capital".

It is our view that a combination of the expertise and capital strength of GPHA which is a well-established maritime industry, GNPC which operates in the oil industry and SSNIT will be able to revamp PSC Tema Shipyard.

Though the government ignored our initial proposal on the future of PSC Tema Shipyard and commissioned a Steering Committee to work with a Transaction Advisor to search for a Strategic Investor (SI) and after the search for the SI has failed, we are of the view that putting together a consortium of GPHA, GNPC and SSNIT to manage PSC Tema Shipyard would be the best way to address the problems of PSC Tema Shipyard.

Signed:

Mr Felix Nii Anag-La
Chairman

Ebenezer Kodwo Taylor

Secretary