The Shipyard, which operates as a separate entity was handed over to the GPHA to manage, operate, and attract investors into the shipbuilding activity.
Mr Luguje said the Shipyard, which was originally part of the Tema Port project, was separated and had gone through a lot of phases before the government handed it over to the GPHA to prepare it and look for a strategic partner to invest in it.
He noted that as the biggest shipyard in Central and West Africa, up to USD$200 million was needed to modernize it.
He explained that the GPHA still supported the operations of the Shipyard as there were a lot of prospects for it and stressed that retooling could be gradual.
Mr Luguje said: “The way the Shipyard is now; it cannot borrow even up to US$10 million on its own therefore investors are needed. The GPHA was also not in a position to borrow more since it has invested a lot into the Tema and Takoradi Ports.”