Construction works on the USD 1.5 billion Tema Port expansion have begun, Ghana Ports and Harbours Authority (GPHA) informed.
Scheduled to be completed by the fourth quarter of 2019, the project will result in four deep-water berths, a new breakwater and an access channel able to accommodate mega-ships.
The project is being carried out by Meridian Port Services (MPS) a joint venture between APM Terminals, Bolloré Africa Logistics (Meridian Port Holdings) and GPHA. MPS subsequently awarded the contract for the expansion to China Harbour Engineering Company (CHEC) and AECOM.
The consortium has so far secured USD 1 billion to finance the expansion project. In September, MPS signed a USD 667 financing package with the International Finance Corporation (IFC), a member of the World Bank group. The remaining amount of USD 333 million will be provided by MPS shareholders, according to GPHA.
The expansion project is expected to provide 3.5 million TEUs in annual throughput capacity of Tema Port.