He, however, said the situation has since changed, with the shipyard now generating revenue and reinvesting the funds into the acquisition of modern equipment and infrastructure development.

Appearing before the Public Accounts Committee (PAC) of Parliament on Tuesday, Mr. Sulemana explained that the shipyard operates in a highly competitive industry, facing stiff competition from private shipyards in neighbouring countries.

He stressed that frequent infrastructure investment was critical to maintaining competitiveness and sustaining operations.

The CEO also responded to questions raised in the 2024 Auditor-General’s report, which cited financial infractions at the shipyard, including sole sourcing of projects.

Mr. Sulemana assured the Committee that management was addressing concerns and implementing corrective measures to ensure compliance with procurement regulations.

PSC Tema Shipyard, established in 1965, remains Ghana’s premier drydock and ship repair facility.

The government has in recent years intensified efforts to revamp the company, positioning it as a strategic maritime hub in West Africa.