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Tema Development Corporation generates GH¢15.8m revenue

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The Tema Development Corporation (TDC) increased its gross income from GH¢11.1 million in 2010 to GH¢15.8 million in 2011.

Mr Emmanuel Oko Adjetey, Board Chairman of the Corporation, who disclosed this at its second Annual General Meeting (AGM) in Tema on Wednesday said profit before tax stood at GH¢4.3 million in 2011 as against GH¢3.5 million in 2010.

According to Mr Adjetey said in exercise of its commitment to public accountability, the TDC Board in October last year took steps to hold its maiden AGM after 59 years of TDC’s existence.

He assured stakeholders of the Corporation’s commitment  to best corporate governance practices to enable TDC fulfil its mandate efficiently and effectively.

Mr Adjetey intimated that with effect from 2012 financial year the Board would ensure that TDC’s financial statement were prepared in accordance with international financial reporting standard.

Mr Enoch Teye Mensah, Minister of Water Resources, Works and Housing, commended TDC for delivering on its mandate of planning, developing, and managing the Tema Acquisition Area in the last 60 years.

“We need to empower TDC to get its acts together so that it may continue to contribute to the building of a solid social protection floor for our people through the provision of decent but affordable housing for the working people.”

For this reason, Mr Mensah pledged government’s commitment to continue to encourage formal and legal relationships that would enable the TDC to tackle with wisdom the current challenges confronting it.

He reiterated the collaboration between TDC and the Tema Metropolitan Assembly (TMA) that would help the two institutions to find concrete ways of harmonising their activities for the mutual benefit of residents.

Mr Joe Abbey, Managing Director of TDC, touched on the Community 24 Site and Services Project and said the scope of this project covers the provision of infrastructure, mainly roads, drains, water and electricity distribution networks to a total of 320 acres land.

He said on completion, the project is expected to provide over 1,400 residential and commercial plots which would be leased to private developers. The MD expressed concern about the menace of wide spread encroachment and unauthorised developments and said these remained serious challenges facing the TDC

Source: GNA

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