$140m Takoradi Dock Project to rake in $40m annually, create 450 Jobs

By: Buertey Francis BORYOR

Ghana’s maritime sector is set to receive a significant boost with a $140 million investment in the Takoradi Floating Dock Project- a new ship repair facility expected to generate more than $40 million in annual revenue and create 450 direct skilled jobs.

Maria Ogbugo, a maritime consultant, disclosed this while speaking on the Eye on Port programme.

“This project is a game-changer for Ghana’s ship repair and maritime infrastructure landscape. Once it is on stream, it will be generating upwards of $40 million in revenue per year and employing some 450 direct skilled jobs. So, you can see the potential impact it will have on the economy,” Ogbugo stated.

The project is being done through a partnership between Prime Meridian Dock Ghana Limited and the Ghana Ports and Harbours Authority (GPHA).

Despite its promise, she noted that the Takoradi Floating Dock Project faced major challenges, especially with raising capital and limited understanding of the maritime sector among funders.

“At the early stages, we needed to conduct studies- environmental impact, concept design, traffic analysis- but the funds to support that were hard to come by. It was a major challenge,” she said.

According to Ogbugo, the lack of support from the public sector was another setback. However, she credited the involvement of a few key government figures, including former President Nana Addo Dankwa Akufo-Addo, for helping secure the financing.

She stressed the need for government intervention to reduce the risk of such infrastructure investments through enforceable laws, well-defined policies and the creation of a maritime development fund.

“If, for example, there was a fund managed by GMA, early-stage funding could be provided to projects aligned with Ghana’s maritime vision,” she proposed.

Furthermore, she highlighted critical gaps in the country’s maritime sector, such as the low number of vessels- only about 54 registered ships, and inadequate infrastructure to support short-sea shipping, cruise activities, and inland waterway cargo movement.

She called for investments in Volta Lake barges and passenger terminals in Takoradi to meet growing demand.

On decarbonisation, she acknowledged that the shipping industry’s transition to zero net emissions by 2050 poses significant cost burdens for the country and other African nations.

“Cleaner fuels, like hydrogen, are nearly four times more expensive than conventional diesel, a difference that threatens to increase freight costs unfairly for African economies.

In spite of this, she sees opportunity. According to her the country’s abundant solar resources, place it in a strong position to support the global green transition.

“We can adopt battery storage and shore power solutions in our ports to make Ghana an attractive stop for eco-conscious vessels,” she said.

She also pointed to the imminent global shortage of 90,000 seafarers by 2026 as an opportunity for the country.

“Ghana is on the IMO white list, meaning our seafarers are well trained. We have a young population and the Regional Maritime University, so we can train more seafarers to meet the global demand,” she explained.

Moreover, she urged government and private sector to work together more closely to support such infrastructure projects. “For example, a Maritime Development Fund could be set up to provide early funding for important shipping projects,” she elaborated.

With the right policies and financial support, she said the country can become a strong player in the global maritime industry and benefit more from the shipping value chain.

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