Tema Development Corporation generates GH¢28.9m in 2012
The Tema Development Corporation (TDC), in 2012, generated a total income of GH¢28.9 million representing 82.9 per cent increment over that of 2011’s GH¢15.8 million.
The gross income which grew across all components comprised GH¢10.3 million from its Estate Department, GH¢6.3 million accruing from land management fees, GH¢4.8 from rental income and GH¢7.5 million from investment.
Mr Joe Abbey, Managing Director of TDC, disclosed this on Tuesday, at the Corporation’s 2013 stakeholders’ and Annual General Meeting.
According to him, TDC’s profit before tax also increased from 2011’s GH¢ 4.3 million to GH¢ 10.6 million last year.
Profit after tax also increased by 168 per cent from GH¢3.2 million in 2011 to GH¢ 8.6 million in 2012.
On the issue of the Tema Urban Redevelopment Project, he noted that in the first quarter of the year under review, a contract was signed with ‘The Consortium’,(a firm of architects, planners and builders) to develop a new master plan to serve as blueprint for the regeneration of the city of Tema, with emphasis on land use optimisation.
He said the consultants have also commenced the development of a scheme for the Kaiser Flats enclave at Community four, which has been earmarked to kick-start the implementation of the redevelopment project.
Mr Emmanuel Oko Adjetey, Chairman of the Board of Governors of TDC, in a report, announced that the Corporation was unable to declare dividends for 2012.
He explained that it was due to the rolling out of some key strategic initiatives contained in TDC’s 2012-2016 strategic plan, which was unveiled in the Corporation’s 2011 report.
He said: “The Board firmly believes that the actions taken will converge to create sustainable opportunities for income generation and efficiency to meet the expectations of our stakeholders in the near future.”
Alhaji Collins Dauda, Minister of Water Resources, Works and Housing, in speech read on his behalf, advised stakeholders to help the TDC salvage the city of Tema which was “once was the pride along the West Coast of Africa”.
He stated that the Urban Redevelopment Programme was a very necessary project for the renewal of the Tema Metropolis which he said was showing signs of decay.
According to him, apart from the physical buildings that have run-down in some cases, the general state of the city’s infrastructure appeared to be declining by the day.
The sector minister encouraged TDC to use all legal means available to it to ensure that people comply with the payment of fees associated with plot regularisation, adding that “government cannot continue to suffer from such misbehaviour”.
Alhaji Dauda said his outfit is committed to support TDC to reduce the housing deficit in the country in a planned manner.
“I am confident that as government takes steps to convert TDC’s status to a limited liability company, it would propel the Corporation towards empowering itself to go out into other parts of the country to help bring some sanity into the country’s development schemes.”
He said the Ministry has released an initial 24 blocks of flats at the government affordable housing project site at Kpone to the TDC for immediate completion.
The rest of the site would be handed over formally to the Corporation at a later date.