The ongoing Tema Port Expansion Project is a major intervention to accelerate the pace of Ghana’s development in the current competitive business world, President Akufo-Addo has stated.
The President made this observation when he kick-started his three-day tour of the Greater Accra Region with a visit to the Offices of the Meridian Port Services (MPS), the Tema Port Expansion Project site, and the Long Room of the Ghana Ports and Harbours Authority (GPHA).
Addressing staff and management of the MPS after a short presentation of the full component of the $1.5 billion port expansion project, President Akufo-Addo said that the new port will be a state of the art facility that will be capable of receiving the biggest vessels in the world, making it a very important project in the history of the country.
Construction works on the $1.5billion expansion project commenced on the 1st of October 2016. The project, which is the biggest investment of the almost 70yrs history of the World Bank, would increase the capacity of the port thrice its current size. The project is expected to be completed by the 4th quarter of 2019.
Meridian Port Services (MPS) awarded the contract for the construction of the port expansion project to the China Harbour Engineering company ltd. and AECOM professional services (Ghana) Ltd.
This is after officials of the company secured the required financing to execute the port expansion project.
The immediate cash flow need of the $1.5 billion port development is $1billion. MPS signed a $667 million financing package with the International Finance Corporation (IFC), a member of the World Bank group, while the MPS shareholders will provide the rest of the funding as fresh equity amounting to $333million. This will enable the development of an ultra-modern state-of-the-art port facility at Ghana’s primary commercial hub.
The project, valued at $1.5 billion, in addition to serving Ghana, will also expand trade flows and links across West Africa.
The project will allow Tema port to accommodate some of the world’s largest container ships, and improve cargo handling services and capacity. These improvements will enhance the port’s competitiveness, and position it as a leading maritime hub in the West African region.