Tema, Jan. 29, GNA- The Tema International Trade Centre (TITC) has the potential to generate more revenue to help the Tema Municipal Assembly (TMA) to undertake development projects.
What the management of the centre, has embarked upon is to make sure that the 26 hectares land is legally acquired, Mr A.K. Appiah, Managing Director of the centre has disclosed.
TEXPO is self-financing, and it manages its own affairs to generate revenue, however, the company is not operational because of land problem.
Reacting to issues raised by the assembly members during the 3rd Ordinary General Assembly meeting in Tema on revenue generated at TEXPO, Mr Appiah said the TEXPO has Board of Directors, which it is accountable to and who in turn can report to the General Assembly.
The assembly members were not happy that TEXPO management has not reported to the General Assembly to let them know the revenue it generates since they came to office.
The assembly members contended that the assembly has the right to get an annual report, and called on the MCE to appoint new members to the Board.
Mr Emmanuel Avernogbor, Legal Officer of TMA explained to the assembly members that TEXPO has been incorporated as a limited liability company; therefore, its activities are required to be controlled in consonance with the company code.
He said the Board of Directors are responsible for the policy decisions of the company, while the day to day activities should be carried out by the managing director without interference, adding, the report to the shareholders which is the assembly should be through the Board whose chairman is the Municipal Chief Executive.
TEXPO should, therefore, be considered as a private investment of TMA, which is the sole shareholder.
