US$137m Takoradi shipyard construction to begin Tuesday

Construction of a US$137 million integrated ship repair and dry-docking facility at the Port of Takoradi is scheduled to begin on Tuesday, November 10, after developers and financiers reached financial close on Project Shiprite.

President John Dramani Mahama, Ghana’s Minister of Transport and officials from the Ghana Ports and Harbours Authority are expected to attend the ceremony marking the start of work. Investors, financiers and other project partners will also take part in the event.

“Shiprite is a powerful expression of that ambition and of the confidence we share in Ghana’s economic future.”

Prime Meridian Docks Ghana Limited is delivering the shipyard under a 25-year concession granted by the Ghana Ports and Harbours Authority. Equity funding from PMD, the ARM-Harith Infrastructure Fund and the UK-backed Private Infrastructure Development Group helped unlock senior and mezzanine debt.

The African Export-Import Bank led the debt package, with participation from the African Development Bank, the Trade and Development Bank, Petra Pension Schemes and the Origen Private Debt Fund. A US$300,000 grant from PIDG’s Technical Assistance facility will support a 24-month Gender Impact Enhancement Programme.

The facility will be capable of servicing commercial vessels of up to 200 metres in length and is projected to create up to 430 direct jobs when operational. It is also expected to generate contracts for local suppliers operating at Takoradi Port.

Ships operating in the Gulf of Guinea currently travel between 10 and 14 days to reach Walvis Bay in Namibia or Las Palmas in Spain for mandatory dry-docking. The new yard is intended to reduce those diversions, potentially lowering fuel use and emissions while helping to retain foreign exchange within the region.

Major General Paul Seidu Tanye-Kulono, Director-General of the Ghana Ports and Harbours Authority, said the investment was consistent with the authority’s objective of opening Ghana’s maritime market to ship repair and maintenance businesses. PMD Chief Executive Stanley Ahorlu said financial close followed years of work by the company and its partners, and that the immediate priority was to deliver a dependable repair facility and develop local technical expertise.