TDC now limited liability company
The government has converted the Tema Development Corporation (TDC) into a limited liability company, following Cabinet’s approval to enable it to enhance its operations.
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The corporation, from now, will be known as the Tema Development Company Limited.
This was made known to the Daily Graphic by the Deputy Minister in charge of Housing at the Ministry of Water Resources, Works and Housing, Mr Sampson Ahi, in an interview in Accra.
He said the initiative was to make TDC business-focused to enable it to work along sound commercial lines beyond the Tema acquisition area.
Mr Ahi also said the company could, therefore, operate as a real estate developer in other parts of the country by virtue of its current status.
Previous mandate
Mr Ahi explained that previously, the Legislative Instrument (LI) that established the corporation limited the TDC to Tema but with the new Cabinet decision, the TDC would be allowed to extend its real estate business beyond Tema.
He said stakeholders had been trying for a couple of years to convert the corporation into a limited liability company because it had exhausted all the lands allocated to it by the government and that had limited the corporation’s operations,” Mr Ahi said.
“This has become crucial because over the years the acquisition area of TDC had been exhausted but the government recognised the need for the entity to continue to facilitate the orderly development of Tema and extend its experience to other areas in the country.
“TDC has a lot of experience in housing and, therefore, its operations under its current status will help the government’s vision of providing more affordable houses in the quest to reduce the housing deficit of more than 1.7 million housing units,” he stated.
Mr Ahi, therefore, charged the management of the company to explore more business opportunities in the real estate sector so that more affordable housing units would be made available.
Background
The Tema Development Corporation (TDC) was set up in 1952 by an Act of Parliament with the sole responsibility to plan and develop about 63 square miles of public land for various projects and also manage the township that had been created to provide accommodation to those that would be engaged in economic operations.
TDC was given a 125-year lease term to manage this land area known as the Tema Acquisition Area.
The corporation, since its birth, has gone through many experiences such as structural and legislative changes that have cumulatively given it a new lease of life.
Currently, the corporation’s functions under LI 1468 of 1989 and its main functions are to plan, lay out and develop the Tema Acquisition Area.