The Tema Shipyard says it has made a net profit of $580,000 in 2021 after overcoming a $2.6 million debt and other challenges.
Dr Alexander Yaw Adusei Junior, Chief Executive Officer of the Tema Shipyard, disclosed this when the Board of the Ghana Ports and Harbours Authority (GPHA) paid a working visit to the Shipyard.
The Shipyard since 2016, was absorbed by the GPHA as one of its business units under the direction of the government.
Dr Adusei said the achievement was made through the company’s prudent financial management through the controlling of its expenditure, in addition to blocking leakages in the system.
He said, however, the positive performance did not meet the company’s target, and expressed the hope that their target would be achieved this year saying if they had met their target, they would have done better than the net profit recorded.
“We do assume that in 2022, with the strategic plan we have put together and the programmes we are embarking on, there is a mantra of $200,000.00 a month, if we are able to stay on course, and if all our workforce take ownership of that mantra, we will be able to pick ourselves up.
“We will be able to retool, get the appropriate machinery to make more money,” he said.
Mr Isaac Osei, GPHA Board Chairman complimented the management and staff on their efforts to keep the company afloat and achieve this feat.
Mr Osei noted that the GPHA and management of the Shipyard hold it a duty to make sure that they bring the Shipyard back into its former glory adding that, it was also their responsibility to the people of Ghana to make sure that it operated profitably for various ships to make the place their point of repair.
Mr Michael Luguje, GPHA Director-General on his part expressed the commitment of the Authority to continue to give the needed support to return the Ship repair facility to prominence.
He said despite the condition of the yard, they still have the confidence of some ships who still called at the yard, which he noted was an indication that if it got refurbished and modernized, it was going to drive a lot of traffic into Ghana.
Mr Luguje said: “It is a cash cow with huge potential, and we are going to work hard to ensure that we move forward”.