APM Terminals Sets Aside USD 1bn for Tema Port
APM Terminals has signed a Memorandum of Understanding (MOU) with the Government of Ghana, representing a private investment in excess of USD 1 billion for the expansion of Tema Port.
The deal was signed through Meridian Port Services (MPS), the joint venture between APM Terminals, Bolloré Africa Logistics (Meridian Port Holdings) and the Ghana Ports and Harbours Authority (GPHA).
Approximately USD 145 million has been invested in Tema Port since MPS was incorporated in 2007. In March 2014, the Government of Ghana announced the proposed port upgrade and expansion program to improve rail and roadway connections and expand capacity.
Container throughput at MPS, which handles approximately 80% of Tema’s container volume, was 670,000 TEUs in 2013. The expansion will increase the port’s annual container throughput capacity to 3.5 million TEUs.
The expansion plans include the development of four deep water berths and an access channel able to accommodate larger vessels now entering the West African trade lanes. A six-lane highway will also be constructed between the port at Tema and Accra, to enhance the movement of cargoes into and out of interior points.
APM Terminals has 12 operating facilities in 10 African countries, including facilities in Tangier, Morocco and Port Said East, Egypt. New terminal projects are currently underway at the Port of Abidjan, Ivory Coast, and Badagry, Nigeria.