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State Transport Company STC gives govt $1m for buses bought for company

This means that the STC has so far paid $1,700,000 for the buses that were purchased at $16 million.

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Minister of Transport, Kwaku Asiamah(3rd-left), presenting a dummy cheque for the $1million to Finance Minister, Ken Ofori-Atta (2nd left). With them are Mr Kwaku Kwarteng, Deputy Minister of Finance, Mr Samuel Oppong(right), Chairman and Nana Akomea, (2nd right),Managing Director, respectively of the company. play

Minister of Transport, Kwaku Asiamah(3rd-left), presenting a dummy cheque for the $1million to Finance Minister, Ken Ofori-Atta (2nd left). With them are Mr Kwaku Kwarteng, Deputy Minister of Finance, Mr Samuel Oppong(right), Chairman and Nana Akomea, (2nd right),Managing Director, respectively of the company.

The State Transport Company (STC) has paid the government $1,000,000 as the second tranche of payment for the 50 buses that were purchased for the transport company in October 2016.

This means that the STC has so far paid $1,700,000 for the buses that were purchased at $16 million.

At a brief ceremony, the Managing Director of the STC, Nana Akomea accompanied by the Board Chairman presented the cheque for $1,000,000 to the Minister of Finance, Ken Ofori-Atta.

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The ceremony was held on Friday, March 9, 2018.

Speaking to the media after the presentation, Nana Akomea said STC was working tirelessly to make full payment before the deadline.

He added that the STC would make payments every six months to the government, adding: “At this pace, we would clear our debt before time.”

He attributed the payments made so far to the strategies adopted by the STC to overhaul its operations.

He added that STC was also opening loading stations at transportation centres to attract more passengers.

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The company has currently opened a loading station at the Kwame Nkrumah Circle and planned to open others at Madina and in Cape Coast.

He said it would also introduce an electronic ticketing system on its buses by the end of this year.

Nana Akomea indicated that STC was positioned to improve revenue and meet all its obligations to the government and other creditors.

The STC used to be a profit-making state-owned public transport company. However, it nearly collapsed due to the poor management and lack of funds.

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