Takoradi Port is set to become a major maritime services hub in the Gulf of Guinea after Prime Meridian Docks Ghana Limited secured financial backing for a $137m floating dry dock and ship repair facility.
Known as Project Shiprite, the development is being delivered under a 25-year concession agreement with the Ghana Ports and Harbours Authority. The project was first conceived 14 years ago.
Financial close was announced at a ceremony at Takoradi Port, where President John Dramani Mahama praised the private-sector developer for persisting with the scheme. Phase One of the integrated ship repair and maintenance facility is expected to be completed within 18 months.
The investment is backed by the Private Infrastructure Development Group (PIDG) through its InfraCo platform, with additional equity from the ARM-Harith Infrastructure Fund and Prime Meridian Docks Ghana Limited.
Mahama said the facility would address a significant gap in ship repair services along Ghana’s coastline.
“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,” he said.
Jobs and regional maritime ambitions
Stanley Ahorlu, chief executive of Prime Meridian Docks Ghana Limited, said the project was expected to generate more than $50m each year and create over 450 jobs during its first phase.
He said Project Shiprite would help establish Ghana as a world-class maritime hub in the Gulf of Guinea and strengthen the country’s position in West African shipping.
“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 said British companies would support the project by providing skills, technology and expertise.
The financing package also includes a $300,000 grant for a 24-month programme designed to improve the technical capacity of women working in the marine industry.
Transport Minister Joseph Bukari Nikpe assured stakeholders that the Ministry would work to ensure the project was delivered successfully.
Once operational, the facility will offer modern dry-docking and repair services for vessels up to 200 metres long. It is intended to reduce the need for ships operating in the region to travel to Europe or Durban for specialist maintenance.
