Tema port expansion project to commence on October 1
Sept 08, 2016: The $1.5billion Tema Port expansion port is expected to commence construction work on October 1.
The project, which is the biggest investment by World Bank, would increase the capacity of the port thrice its current size is projected to be completed by the Q4’19.
Meridian Port Services (MPS) has awarded the contract for the construction of the Tema Port expansion project to the China Harbour Engineering Company and AECOM Professional Services (Ghana).This is after officials of the company secured the required financing to execute the Tema port expansion project.
The immediate cash flow need of the 1.5 billion port development is $1billion. MPS has 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 however enable the development of an ultra-modern state-of-the-art port facility at Ghana’s primary commercial hub.
The project, valued at USD 1.5 billion, in addition to serving Ghana, will also expand trade flows and links across West Africa.
The Director General of GPHA, Richard Anamoo said the port expansion project takes the dream Dr. Kwame Nkrumah to the next level and will remain for future generations to benefit from.