The Ports and Harbours Authority says it has the financial capacity to turn around the PSC Tema Shipyard and Dry Dock Company.

Cabinet approved the transfer of the Dry Dock company to GPHA in its 41 Meeting held on Tuesday.

READ MORE: Tema Shipyard Cabinet gives GHPOHA control over Tema Shipyard

Reacting to the news,  Head of Communications at the Ghana Ports and Harbours Authority, Juliana Addai emphasized GPHA’s preparedness to carryout the mandate.

According to her, the Ghana Ports and Harbours authority has a track record for raising strategic funds for important projects, something they will replicate with Tema Shipyard and Dry Dock Company.

“ GPHA has raised sizeable amounts of finance through loans and internally generated funds for its projects. For example, we raised 122  million Dollars to finance the construction of a 400 meter long bulk vessel paid from our internally generated funds.”

Juliana Addai also mentioned the Takoradi port-expansion project, which was done at a total cost of 197 million Euros.

“We are putting up a maritime hospital at a cost of 22 million Euros. We are also coming up with a port expansion project Phase Two at a cost of about 1 billion dollars. This should tell you we have the financial capacity”, she added.