Skip to main content

Investors express interest in STC transport

By Fred Sarpong

Over more than 17 investor companies have tendered in applications to take over the defunct Intercity State Transport Company (STC) from the government.
Business Week learnt that the investors, who have applied, were from Ghana and other African countries, Europe, Asia and America.
Sources at the Ministry of Transport told Business Week that some of these investors who have applied to take over STC intend to invest between GH¢70 million and GH¢100 million to revamp the company.
However, Divestiture Implementation Committee (DIC) is expected to give final directive to its employer, the government as to how it should offload STC to the successful investor.
The company (STC) was the leader in the coach transport businesses in the country, until stiff competition from VIP, M-Plaza, Metro Mass Transport and coach transport operators in the country.
The company failed to compete with other operators and this resulted in owing some institutions more than GH¢40 million. The company was owing Prudential Bank of about GH¢7 million. Other creditors include the Agriculture Development Bank, J A Plant Pool and its shareholder, SSNIT.
The Minister of Transport, Alhaji Collins Dauda has said that, government position to sell STC is to make sure the company comes back into operation.
“I can assure you several people have come to my office with proposals to take over and run the company as a result of their plans to back out of the business and so I have no doubt that we would be able to get investors to run the company” he said.

Alhaji Duada adds that government is currently engaging other institutions STC is indebted to address their concerns.

“It’s about indebtedness and so we believe that if we are able to negotiate better we may get ourselves out of this situation. We are therefore working with the Chief of Staff to find a way out and we would in the mean time appeal to our creditors to exercise some restraint and government some decisions on how we want to go forward with these issues. I want to believe we will be able to work out something when we have an investor take over the company” he said.

The Social Security and National Insurance Trust (SSNIT) took the controlling interest in STC in 2002 after a two-year management contract by VANEF consortium was terminated.


Popular posts from this blog

Deputy AG sues Facebooker over 'malicious' Ameri deal

The Deputy Attorney-General and Member of Parliament for Bolgatanga East, Mr Dominic Ayine has filed a defamation suit at an Accra High Court against a Facebook commentator, Evron Hughes.
In Mr Ayine’s statement of claim, sighted by Graphic Online, he accused Mr Hughes of defaming him in a post he authored and published on Facebook on December 21, 2015, titled “RE: AMERI TRANSACTION”.
According to the Deputy A-G, the “false and malicious” post has provoked “public disaffection” against him and exposed him to public ridicule and contempt.
Describing Mr Hughes as a “self-styled social media blogger and a social commentator”, Mr Ayine said the Facebook post had brought his hard-won reputation “as a respected politician, teacher and lawyer” into “hatred, ridicule, odium, discredit, contempt, opprobrium and reproach”.
The Deputy A-G said the “defamatory words” were authored with the sole intent to reduce him in the estimation of all right thinking Ghanaians, adding that he had received numerou…

PIAC told to go to court to enforce recommendations

By: Fred Yaw Sarpong

The Public Interest and Accountability Committee (PIAC), the mandated body to monitor the use of Ghana’s oil revenues has been asked to go to court to seek strict compliance of the laws covering accountability of oil funds in the country.

According to Dr. Steve Manteaw, the Campaign Coordinator for ISODEC and a member of the PIAC , it’s time for PIAC as a body to consider going to court to compel institutions responsible for managing Ghana’s oil revenue to answers some questions concerning the expenditure of oil funds.

He pointed out that there are several recommendations made by the PIAC in its past reports on management of petroleum revenues, and a lot of these recommendations has received no positive response from the institutions concerned.

He disclosed this to the Daily Express at a three-day workshop on Interrogating the 2016 Semi Annual PIAC Report at Koforidua in the Eastern Region.

The workshop was organized by the Institute of Financ…

Graphic Communication Group staffs petition GJA Election Dispute Adjudication Committee

Some staffs of the Graphic Communications Group have petition the Election Dispute Adjudication Committee of the Ghana Journalists Association (GJA) concerning their grievances covering issues affecting the association.
The staffs of the company seeks some clarification on the mandate of the current executives of the association.

Dear Sir,
We the undersigned write to place before you our grievances covering issues affecting the Ghana Journalist Association, and we hasten to add that our grievances are placed before you in furtherance of our constitutional duty under Article 11 (e) of the 2004 Constitution of the Ghana Journalists Association.
We first of all seek clarification on the mandate of the current executives of the Association to be in office and take decisions to affect the wellbeing and welfare of the Associ…