Tema Port expansion to be completed in June 2019 – MPS

The $1.5billion Tema Port expansion project is progressing steadily with the container terminal facility which is part of the first phase of the project expected to be opened in June, 2019.

This came to light when JoyBusiness toured the project site and found out that, over 50 per cent of the project completed as contractors on site are working with speed to meet deadlines set.

Also, about 70 acres out of 168 acres of land has been reclaimed from the sea for the construction of terminals.

The expansion works which began in October 2016, is expected to have its first container berth completed and opened up for operations by the beginning of the 2nd Quarter of 2019.

Chief Executive Officer of Meridian Port Services, Mohamed Samara, told JoyBusiness that, “The construction works are progressing well and the commercial go-live on June 28, 2019, remains the target.”

The project which is on schedule has seen the construction 1800meters of breakwaters deep into the sea.

When completed, the project will expand the capacity of the port to handle 3.5 million TEUs with Ghana significantly upgrading its container handling facility and attracting bigger vessels from the shipping lines.

Mr Samara explained gain that over time he expects that the vessels calling Tema will move from a vessel size of 4000-5000 TEU to around 14,000 TEU.

He emphasized that bigger vessel size means lower cost for trade enabling Ghana’s competitiveness globally and it will ultimately drive growth and employment.

Ghana’s Tema Port expansion project recently received a major boost, as part of moves to enable it accommodate some of the world’s largest container ships and improve cargo handling services and capacity because Meridian Port Services (MPS) the company handling the project secured the first $100 million from the $667 million project financing package for the Port Expansion Project.

MPS said the funding will enable the development of an ultra-modern state-of-the-art port facility at Ghana’s primary commercial hub, which in addition to serving Ghana, will also expand trade flows and links across West Africa.

The immediate cash flow needed for the $1.5 billion port development is $1 billion, MPS signed a $667 million project financing package, which is to be mobilised by IFC from a consortium of development finance institutions and commercial banks.

The port project is a joint venture between Ghana Ports and Harbours Authority (GPHA) APM Terminals and Bolloré Transport & Logistics.

 

Read Full Story