USD 1.5 Billion Tema Port Upgrade Project Gets the All-Clear
- Business & Finance
Meridian Port Services, a joint venture between APM Terminals, Bolloré Africa Logistics, and the Ghana Ports and Harbour Authority, has formally signed an agreement to invest USD 1.5 billion in a new deep-water 3.5 million TEU port and logistics hub in Tema, Ghana.
Meridian Port Services will build four deep-water berths, a new breakwater and an access channel able to accommodate the world’s largest container ships.
The new project consists of both a new greenfield port outside the present facility and a needed upgrade of the adjacent road network.
”We are excited about how this port will contribute to Ghana’s future economy and emphasize APM Terminals’ strong commitment to Africa’s growth and development,” said APM Terminals CEO Kim Fejfer.
”Increased access to global markets is a key component of Africa’s ongoing economic growth, and the new, world-class port development which begins here today will help to put Ghana, and all of West Africa at the forefront of African global trade.”
An initial Memorandum of Understanding for the expansion plans was signed by MPS and the GPHA in November 2014.
During the past five months, MPS and the Ghanaian government representatives completed contractual details, and finalized preparations for the project’s required design and engineering studies. The joint venture share is comprised of APM Terminals 35%; Bolloré 35%; and Ghana Ports & Harbours Authority 30%.
”This massive investment highlights the confidence of investors into the country. It is a sign that Ghana is moving in the right direction and the journey will not end there. Expanding the port using superior infrastructure and modern, advanced technology will allow Ghanaian companies to compete for business in the most cost effective way,” said Fejfer.
Container throughput at MPS was 651,000 TEUs in 2014, and the existing container facility – operated by APM Terminals in partnership with Bollore since 2004 – is close to maximum utilization.