Tema Development Cooperation intensifies efforts to collect outstanding payments from defaulters

The Tema Development Ghana Limited (TDC) has begun a major revenue mobilization exercise to recover millions of cedis owed by leaseholders, institutions and shop owners who have failed to meet their financial obligations.

The operation, led by the Managing Director, Mr. Courage Nunekpeku, is being supported by personnel from the military and the TDC task force.

Speaking to the media, Mr. Nunekpeku explained that the exercise aims to ensure all defaulters fulfil their financial commitments to help the company sustain its ongoing and future development projects.

“We started this exercise about two weeks ago to recover debts owed to us. People owe TDC in excess of GHS600 million so management and the board decided to embark on this journey to retrieve the money. Today is another phase of that effort,” he said.

He revealed that several major companies, including the Tema Oil Refinery (TOR) and the Volta Aluminum Company (VALCO), owe TDC millions of cedis.

According to him, although these institutions fall under the same government structure they must still meet their financial responsibilities.

Mr. Nunekpeku stated that the company is ready to engage these institutions in discussions but expects them to make some payments first as a sign of commitment.

Mr. Nunekpeku explained that the debts had accumulated over several years and the current management of the companies could not be blamed for the situation. He noted that the Tema Oil Refinery (TOR) had made significant progress in revamping its operations which was why TDC had not approached TOR and VALCO for about eight months to allow them time to reorganize.

He added that management now considers it an appropriate time to engage the companies to make some payments so that both parties can move forward.

The ongoing exercise forms part of TDC’s broader strategy to strengthen revenue mobilization and ensure sustainable development within the Tema metropolis.