Takoradi Port is set to become a major maritime services hub in the Gulf of Guinea, following financial close on a $137 million floating dry dock and ship repair facility.
The project, known as Project Shiprite, is being developed by Prime Meridian Docks Ghana Limited under a 25-year concession agreement with the Ghana Ports and Harbours Authority.
Fourteen years after the idea was first conceived, the floating dry dock facility at Takoradi Port has finally taken off.
The private-sector developer, Prime Meridian Docks Ghana Limited, has secured financial close for the $137 million project. The investment, supported by the Private Infrastructure Development Group (PIDG) through its InfraCo platform, alongside equity from the ARM-Harith Infrastructure Fund and Prime Meridian Docks Ghana Limited, will fund an integrated ship repair and maintenance facility. Phase One is expected to be completed within 18 months.
Speaking at the Financial Close Ceremony at Takoradi Port, President John Dramani Mahama commended the developer for its perseverance in bringing the project to fruition.
“I know that on the Gulf Coast, there is no major ship repair facility.
“It’s the old ship repair facility our dear first President left us, which we have mismanaged, that is Tema Drydock and Shipyard… and so, I know that the private sector is better able to manage things like this. So, I have faith in this project.
“There is a lot of traffic, lot of vessels working on the Gulf Coast, and they either have to go to Europe for maintenance, or Durban in South Africa. So, this fills a very big vacuum,” the President justified the investment.
Chief Executive Officer of Prime Meridian Docks Ghana Limited, Stanley Ahorlu, said the facility is expected to generate more than $50 million annually and create over 450 jobs in its first phase. He said the investment would position Ghana as a world-class regional maritime hub in the Gulf of Guinea.
“The project will augment the global ship repair and maintenance capacity, given that today, about 20 percent of global fleet is old…with cutting-edge technology in keeping with the fast-paced green technology advancement being made in the shipping industry.
“We are convinced that our project upon full completion will boost intra-regional trade, create sustainable long-term value for our stakeholders, and position Ghana as a maritime transport hub for West Africa,” he added.
British High Commissioner to Ghana, Christian Rogg, pledged the commitment of British firms to provide skills, technology and expertise to support the project’s delivery. As part of the financing arrangement, a $300,000 grant will support a 24-month programme to build the technical capacity of women in the marine industry.
Meanwhile, Transport Minister Joseph Bukari Nikpe assured stakeholders that the Ministry will work to ensure the project’s successful delivery.
Once completed, Project Shiprite will provide modern dry-docking and repair capacity for vessels up to 200 metres long, reducing the need for ships in the region to travel long distances for specialised maintenance services.
By Abraham Mensah
