Ghana-based IBISTEK has secured a concession from the Ghana Ports and Harbours Authority (GPHA) to develop and operate a new container terminal at the Port of Takoradi.
The deal will be offered for a period of 25 years, while the works and installations related to the concession are estimated to require a total investment of approximately $370m.
The multi-purpose terminal will be constructed as part of GPHA’s wider development plan and is expected to equip the port for the future demands of the shipping industry.
It will be developed to handle containers with capacities of up to one million twenty-foot equivalent units (TEUs), which is in line with the GPHA’s projected growth for cargo transport through the Takoradi port.
GPHA acting director general Paul Ansah said: “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 favourably with other ports in the sub-region.
“Takoradi Port will position itself as the gateway for development into the western parts of Ghana.”
IBISTEK further noted that a group of lending agencies led by the African Development Bank (AfDB) are anticipated to provide funding for the project, which is expected to create more than 2,000 direct and indirect jobs throughout the region.
The company also plans to approach the Ghana Infrastructure Investment Fund (GIIF) to participate in the financing initiative.
GPHA noted that it has already contracted major loans to prepare the basic port infrastructure for various development prospects.
The port authority is planning to expand Takoradi port’s existing main breakwater to 1.75km, among other developments.
Image: Signing of concession agreement between Ghana Ports and Harbours Authority and IBISTEK representatives. Photo: courtesy of the Ghana Ports and Harbours Authority.