The Government of Ghana has resumed full ownership of the Tema Shipyard by reclaiming the 60 per cent share that it sold to Penang Ship Building Company of Malaysia.

The Tema Shipyard is a very strategic national asset, and the reclamation of the 60 per cent shares that gives the Government 100 per cent ownership is in the supreme interest of the nation, especially at a time when Ghana is pumping oil and gas.

Mr Koku Anyidoho, Director of Communications at the Office of the President, broke the news of the reclamation to journalists in Accra on Monday.

“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,” Mr Anyidoho said.

The Mills Administration has since August 2009 been negotiating for the cancellation of the Joint Venture Agreement (JVA) with Penang Ship Building and Construction Company of Malaysia, and Cabinet last Thursday put its final seal on the negotiated settlement.

For about 13 years, following the sale of the 60 per cent of the ownership of the Shipyard, observers have expressed distaste over gross mismanagement, and there had been a lot of agitations from workers over the years.

Government therefore entered into negotiated settlement, and finally succeeded in negotiating its way out of the Joint Venture Agreement it entered into with Penang Ship Building Company of Malaysia.

Mr 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 as well as the maritime industry.**