UK Trade & Investment Dep’t estimates $2.2b needed to expand Ghana’s Tema, Takoradi ports
The UK Trade and Investment (UKTI), a department of the British government, has estimated that about $2.250 billion investment is needed to expand both the Tema and Takoradi ports in Ghana.
According to the UKTI, the Ghana Ports and Harbour Authority (GPHA), which manages both the Tema and Takoradi sea ports, is looking seriously to significantly develop its transport infrastructure which it sees as essential to sustained economic growth.
Giving a market overview of the ports sector in the country to potential British investors via its website February 6, 2012, the department said the GPHA is looking to increase the size of the Tema port to relieve the current congestion.
“Expansion plans are significant and include a new container terminal, fruit and sugar terminal, passenger terminal and transhipment terminal. Costs have been estimated at $1.5 billion and investment through Public-Private Partnerships (PPPs) is being sought by the GPHA,” said the UKTI.
The Tema Port is the largest in the country and it handled about 75% of maritime trade in 2010. It also has 12 berths with draughts ranging from 8-11.5 metres, and handled 590,147 teus in 2010, a 12% rise in container volume from 2009.
For the Takoradi port, the GPHA is looking at a “$750 million expansion plan over three phases” to increase the size of the port by 300%, which includes land reclamation, according to the UKTI adding that the port in recent times has gained more significance due to the discovery of oil in 2007.
The port, which is now the main supplier for the offshore production and exploration operations and capacity, the department said “is under considerable strain.”
Investment through PPPs is being sought though the Ghana Government has listed the first phase of works amongst infrastructure projects to be financed under the $3 billion Master Facility Agreement with the China Development Bank.
The UKTI noted that Lonrho Plc is undertaking a feasibility study for an oil services terminal in Atuabo in the Western Region.
The British company plans investing $1 billion to build oil services ports in Ghana, according to a Bloomberg report February 8, 2012 citing Lonrho’s Development Director, Mr Steven Gray as saying in an interview.
By Ekow Quandzie