The Ghana Merchant Marine Officers Association (GMNOA) has called on Ghanaians to do due diligence in the various segments of the shipping sector before investing in the blue economy.

Mr. Pius Anani Dumashie, Vice President of GMNOA, said that the industry is changing and people need to keep abreast of the current state to manage their organizations to keep up with the global fleet safely, efficiently. and profitable.

He said the sector has many opportunities for Ghanaians, especially young people, to reduce the unemployment problems in the country.

Speaking on the role of ‘merchant navy versus combat navy’ on the Ghana News Agency’s dialogue platform, Mr. Dumashie identified four segments: the shipbuilding market, the shipbuilding market used, the demolition market and the freight market.

Mr Dumashie said the shipping market involves the construction and sale of new ships, adding that the traders in the market are shipyards, steel traders and ship buyers.

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

The GMNOA Vice President said that in the used ship market, ships are bought and sold much like buying used cars in the used car market.

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

He again said that the demolition market was where outdated ships were sold for scrap to dealers, adding that the market served as a secondary source of income for shipowners and the freight market.

Mr. Dumashie pointed to the freight market as a source of revenue for the shipping market, saying freight revenue was 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, Secretary General of the GMNOA, said the absence of a comprehensive maritime policy for Ghana made it difficult for investors in the sector.

He said, “Ghana needs this policy to give a platform for shipping to thrive in order to promote the economy; shipping offers the cheapest cost of transporting goods from place to place, so if we can get people to invest, we have a good chance of raking in more revenue.

Mr. Francis Ameyibor, Regional Director of Tema, said journalists should report on the blue economy and encourage better management of ocean resources.