Tema Port Expansion Project, a Major Intervention to Accelerate Ghana's Development Pace - President Akufo Addo
The ongoing Tema Port Expansion Project is a major intervention to
accelerate Ghana's development pace in the current competitive business
world, President Akufo Addo has stated.
The President made this
observation when he kicked start his three day tour of the Greater Accra
Region with a visit to the offices of the Meridian Port Services (MPS),
the Tema Port Expansion Project site, and the Long Room of the Ghana Ports and Harbours Authority (GPHA).
Addressing staff and management of the MPS after a short presentation
of the full component of the 1.5 billion dollar port expansion project,
President Akufo Addo said that the new port will be a state of the arts
facility that will be capable of receiving the biggest vessels in the
world, making it a very important project in the history of the country.
Background
Construction works on the $1.5billion Tema Port expansion project commenced on the 1st of October 2016. The project, which is the biggest investment of the almost 70yr history of the World Bank, would increase the capacity of the port to thrice its current size. The project is expected to be completed by the 4th quarter of 2019.
Meridian Port Services (MPS) awarded the contract for the construction of the Tema Port Expansion Project to the China Harbour Engineering Company Ltd. and AECOM Professional Services (Ghana) Ltd.
This is after officials of the company secured the required financing to execute the Tema Port Expansion Project.
The immediate cash flow need of the 1.5 billion port development is $1billion. MPS signed a $667 million financing package with the International Finance Corporation (IFC), a member of the World Bank group, while the MPS shareholders will provide the rest of the funding as fresh equity amounting to $333million dollars. This will however enable the development of an ultra-modern state-of-the-art port facility at Ghana’s primary commercial hub.
Background
Construction works on the $1.5billion Tema Port expansion project commenced on the 1st of October 2016. The project, which is the biggest investment of the almost 70yr history of the World Bank, would increase the capacity of the port to thrice its current size. The project is expected to be completed by the 4th quarter of 2019.
Meridian Port Services (MPS) awarded the contract for the construction of the Tema Port Expansion Project to the China Harbour Engineering Company Ltd. and AECOM Professional Services (Ghana) Ltd.
This is after officials of the company secured the required financing to execute the Tema Port Expansion Project.
The immediate cash flow need of the 1.5 billion port development is $1billion. MPS signed a $667 million financing package with the International Finance Corporation (IFC), a member of the World Bank group, while the MPS shareholders will provide the rest of the funding as fresh equity amounting to $333million dollars. This will however enable the development of an ultra-modern state-of-the-art port facility at Ghana’s primary commercial hub.
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