Mr Pius Anani Dumashie, the Vice Chairman of GMNOA, said the industry was evolving and people needed to be abreast with the current status to run their organizations to keep up with the global fleet safely, and efficiently and profitably.

He said the sector had a lot of opportunities to offer Ghanaians, especially the youth, to reduce the unemployment issues in the country.

Speaking on the role of “Merchant Navy as against Combat Navy,” on the Ghana News Agency Dialogue Platform, Mr Dumashie identified four segments: the shipbuilding market, the second-hand ship market, the demolition market, and the freight market.

Mr Dumashie said the shipping market involves the building and selling of new ships, adding that traders in the market were the shipyards, steel traders, and buyers of ships.

He said the centre of the shipbuilding market had shifted from Europe to Asia, adding that Ghana’s Tema Dry-Dock Company is one of the biggest shipyards in West Africa.

The Vice Chairman of GMNOA said that in the second-hand ship market, the ships are bought and sold just like buying used cars from the second-hand car market.

He noted that the market was open to any party or person although participants are ship-owners trading in second-hand ships.

He again said the demolition market was where overaged ships are sold to scrap to dealers, adding that the market serves as a secondary source of income to ship owners and the freight market.

Mr Dumashie indicated that the freight market was a source of income for the shipping market, saying freight earnings are the main motivation for shipping investors to venture into the market.

He said these divisions when exploited would contribute massively to the development of the country.

Captain Etoenyo Onassis Bankas, the General Secretary of the GMNOA, said the lack of a comprehensive maritime policy for Ghana was making it difficult for investors in the sector.

He said, “Ghana needs that policy to give a platform for sea transport to thrive to promote the economy; shipping offers the cheapest cost of transporting goods from one place to the other, therefore if we can get people to invest in it, we stand a good chance of raking in more revenue.”

Mr Francis Ameyibor, the Tema Regional Manager, said journalists needed to report on the blue economy and encourage better stewardship of the ocean resources.