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24 February 2017

$1.5bn Tema port expansion project to accomodate world’s largest container ships

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The Tema Port expansion project when completed would accommodate some of the world’s largest container ships and improve cargo handling services and capacity.

Upon its completion, it would enhance the position of the Tema Port as the leading maritime hub in the region.

This was disclosed when shareholders of the $1.5 billion Tema port expansion project paid a courtesy call on the President congratulate him on his election to the high office of President Thursday.

The delegation, from Bolloré Transport & Logistics, APM Terminals and Meridian Port Services Ltd, which was led by Cyrille Bolloré, Chairman of the company, indicated that the shareholders of the project have been buoyed up by the vision and determination of President Akufo-Addo to ensure that the private sector regains its pride of place in Ghana’s economic setup.

Mr. Bolloré, thus, applauded President Akufo-Addo “for taking Ghana into a new era of business development.”

Bolloré Ports, a subsidiary of Bolloré Transport & Logistics, is the number one port infrastructure operator in Africa and is also the leading container terminal management company on the continent.

Together with APM Terminals and Meridian Port Services Ltd, he indicated that the financing required to execute the Tema Port Expansion Project had been secured, and the project is currently ongoing.

He noted that the expansion of the Tema port will improve Ghana’s trade competiveness, facilitate trade growth and improve revenue mobilisation.

CEO of Meridian Port Services, Mohammed Samara, the executing contractors of the project, told the President that the port expansion project falls within the GPHA Master Plan for the development of Tema Port, under the Concession Agreement that was granted in 2004.

In addition to the expansion project, Mr Samara indicated that, together with Bolloré Transport and Logistics and APM Terminals, a project to upgrade the Accra-Tema Motorway into a six-lane, modern highway along with improved, connecting arterial roads, would be undertaken.

This project, he added, will be financed solely with funds from the shareholders.

On his part, President Akufo-Addo thanked the group for the courtesy of their visit and stated that the major preoccupation of his government is the creation of a good business climate for businesses to thrive.

He was, thus, pleased that companies like Bolloré Transport & Logistics, APM Terminals and Meridian Port Services Ltd. have thought of Ghana as the place to do business and invest.

With the port expansion project having commenced in the last few months of the tenure of the previous government, President Akufo-Addo assured that his government, having convinced itself of its viability and immense benefits of the project for the economy, will not abrogate the contract.

“If we can convince more and more companies like yours to invest in our country, then we can thrive as a nation. Be assured that the presence of a new government does not mean the abrogation of genuine contracts entered into by the previous government. You have my support to proceed,” he added.

 

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