Zanzibar President, Dr Hussein Ali Mwinyi has announced his government’s decision overhaul the state-owned shipping company by first and foremost auctioning all its loss-making vessels.
“It is time to start afresh,” announced Dr Mwinyi.
“We are taking tough decisions; all vessels belonging to the firm will be sold off; we can’t condone a loss-making corporation,” stated the Isles’ President.
Dr Mwinyi issued the statement from Southern Pemba.
So far, judging from their reactions. majority of Zanzibar residents are supporting the decisions, praising Dr Mwinyi for taking the crucial step.
The Zanzibar Shipping Corporation, a firm wholly owned by the Isles’ government, started with a paid up capital of 83 million/- when it sailed into shipping business more than forty years ago.
Initially formed to serve sea mobility needs of the people and goods between Unguja and Pemba, as well as connecting the two islands to other sea ports of east and eastern Africa, the Zanzibar-based corporation was always in the red, financially.
The firm once even dreamt of becoming a leading operator of sea transportation services in the east and southern Africa region and also offered agency services to local and foreign vessels calling to Zanzibar.
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