Business News of Tuesday, 6 September 2016
Construction works on the $1.5billion Tema Port expansion project is expected to commence on the 1st October 2016.
The project, which is the biggest investment of the almost 70yrs history of the World Bank, would increase the capacity of the port thrice its current size is projected to be completed by the 4th quarter of 2019.
Meridian Port Services (MPS) has awarded the contract for the construction of the Tema Port expansion project to the China Harbour Engineering company ltd. and AECOM professional services (Ghana) ltd.
This is after officials of the company secured the required financing to execute the Tema port expansion project.
The immediate cash flow need of the 1.5 billion port development is $1billion.
MPS has signed a $667 million financing package with the International Finance Corporation (IFC), a member of the World Bank group, while the MPS shareholders will provide the rest of the funding as fresh equity amounting to $333million dollars.
This will however enable the development of an ultra-modern state-of-the-art port facility at Ghana’s primary commercial hub.
The project, valued at USD 1.5 billion, in addition to serving Ghana, will also expand trade flows and links across West Africa.
The Director General of GPHA, Richard Anamoo said the port expansion project takes the dream Dr. Kwame Nkrumah to the next level and will remain for future generations to benefit from.
The CEO of MPS, Mohamed Samara stated that the project clearly displays the strong commitment of MPS in the drive towards improving Ghana’s competitiveness as a preferred destination for international trade and investment.
MPS is executing the project within the GPHA master plan for the development of Tema port, and building upon its success and achievements under the concession agreement that was granted in 2004, resulting in the latest massive expansion of Tema port’s capacity and infrastructure.
The project will allow Tema port to accommodate some of the world’s largest container ships, and improve cargo handling services and capacity.
These improvements will enhance the port’s competitiveness, and position it as a leading maritime hub in the West African region.
The Country Manager for IFC, Ronke Ogunsulire noted that the financing package for the port expansion project will have positive impact on trade and development of the country.
She said the financing of the project also represents IFCs largest port investment and biggest infrastructure mobilization to date in sub-Saharan Africa.
Minister of Finance, Fifi Kwetey said attracting bigger vessels would mean reduced freight charges, with significant savings and a tremendous benefit to the shipping community of Ghana.
Deputy Tourism and Creative Arts Minister Commend GPHA Tourism Club
Mrs Dzifa Abla Gomashie, Deputy Minister of Tourism and Creative Arts has urged Ghanaians to celebrate themselves and each other’s culture.
Mrs Gomashie, speaking at the 20th Anniversary launch of the Ghana Ports and Harbours Authority’s (GPHA) Tourism Club said Ghanaians could only market their culture and traditions to the World when they celebrate and appreciate each other. The theme for the one month long celebration is “promoting tourism through maritime industry”.
She stated that “it is important to celebrate more about who we are” adding, it was regrettable that most Ghanaians do not celebrate and appreciate the good in each other.
The Deputy Minister noted that this was evident in people’s choices of foreign food over the Ghanaians dishes even though the local foods were nutritious and have less calories.
She reminded Ghanaians that people visited the country because they wanted to celebrate the traditions and culture of the country who h differs from their own.
She commended the GPHA Tourist Club for the initiative to promote tourism among staff of the Company. Mrs Gomashie challenged the GPHA to emulate examples of other ports such has Lome to create a tourism conducive environment and facilities to attract people to the various ports and Harbours.
Mr Jacob Adorkor, Director of Port, GPHA and founding member of the club encouraged the public to engage in tourist activities including hiking, attending festivals and visiting monumental sites.
Mr Adorkor stressed that participating in tourist activities releases work tension and stress as well as enable people to learn and share ideas with other’s.
Madam Mercy Akonnor, GPHA Tourist Club President said the club was founded in September 1996 to afford members the opportunity to learn about the rich culture and traditions of the country.
Madam Akonnor stated that over the past 20 years, club members have embarked on trips to tourists sites in the country and attended many festivals.
She projected that they would be visiting some ports outside Ghana including Kenya, South Africa and Dubai to learn some of their good practices.