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21.04.2004 Business & Finance

TDC pays 894 million cedis dividend to government

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Accra, April 21, GNA - The Tema Development Corporation (TDC), one of Ghana's premier housing companies on Wednesday presented a cheque for 894 million cedis to the government as dividend on its 2002 operations. The amount, which is a significant improvement over the 227 million paid out on the 2001 accounts, is an indication of improved management style demanded by government.

TDC, which is 50 years this year, was originally set up by Ghana's first President Dr Kwame Nkrumah to build the Tema city and complete the Tema Harbour.i

Ms Mansa Banson, Managing Director of the TDC said the company was working hard to meet the emerging challenges that housing tastes were currently demanding.

She was optimistic that with intense collaboration between TDC and the Ghana Free Zones Board, housing and other infrastructure could be provided for companies within the free zone enclave.

Ms Banson said the TDC was to light up the full stretch of the Accra-Tema Motorway as well as the Tema beach Road to make Tema safer and more attractive to residents and commuters. i Dr Anthony Akoto-Osei, Deputy Minister of Finance and Economic Planning, who received the cheque on behalf of government, congratulated the TDC for an encouraging performance.

He noted that by the company's original mandate, no serious returns to government were expected, "however, the situation changed and TDC re-oriented its operations and was able to pay dividend for the first time in 1998."

Dr Akoto-Osei said even though the issues confronting the housing industry were enormous, TDC had made steady progress over the years and "we trust that with huge and unsatisfied demand of about 400,000 housing units in the country, you will continue to explore avenues for funding in order to improve your current delivery rate."

Modalities for Housing Bond Scheme Ready in June

Accra, April 21, GNA - Modalities for the floating of shares towards a National Housing Scheme are expected to be ready by June this year. Briefing journalists in Accra on Wednesday, after receiving an 894 million cedi Cheque as dividend from the Tema Development Corporation (TDC), Dr Anthony Akoto-Osei, Deputy Minister of Finance and Economic Planning said the National Housing Bond Scheme introduced by government was to raise 200 million dollars.

"The project is on-going and aims to provide funding for low income, safe and affordable housing for Ghanaians." Dr Akoto-Osei noted that the provision of housing was a key issue, as stated in the 2004 budget.

He said the programme to increase the number of owner-occupied houses for low income Ghanaians through the evaluation and sale of low cost government houses to existing tenants would take off in September this year.

Ghana has an unsatisfied housing demand of 400,000 housing units each year.

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