The Ghana Ports and Harbours Authority (GPHA) has signed a concession agreement with compatriot firm IbisTek for the development and operation of an integrated container and multi-purpose terminal at the Port of Takoradi.
The concession term is 25 years, according to GPHA.
The move is said to be part of the port authority’s master plan and development efforts to equip the Port of Takoradi for future demands.
As informed, the concession related project works and installations will cost USD 370 million.
The terminals, in the long term, could have the capacity of handling one million TEUs. This is in line with the GPHA’s projected growth for cargo through the Port of Takoradi.
According to IbisTek, funding for the facility is expected to come from various lending agencies to be led by the African Development Bank (AfDB). There are also intentions to approach the Ghana Infrastructure Investment Fund (GIIF) to participate in the financing.
“It is a good step that we have taken for the Port of Takoradi and it is a project that will uplift the status of Takoradi Port to compete favorably with other ports in the sub region. Takoradi Port will position itself as the gateway for development into the western parts of Ghana,” Paul Asare Ansah, Acting Director General of GPHA, said, adding that the project is to play a pivotal role in Ghana’s economic development process.
GPHA said it has already contracted major loans to prepare the basic port infrastructure for such development prospects.
In December 2016, GPHA invited parties to submit the expression of interest for the concession of the integrated terminal. The authority said the concession provides the right and obligation to develop, equip, finance, operate and maintain the terminal over the concession period.
The new terminal combines the handling and storage of containers, general cargo, project cargo, Ro-Ro, food-related and other specialized cargo. It has an initial phase of 30 hectares of land and a 795-meter quay wall at CD -14 meters, while Phase 2 consists of another 32 hectares and 700-meter quay wall.