$137 Million Project Shiprite Funding Secured in Ghana

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A consortium of development banks and pension schemes has reached an agreement to offer a funding of US$94 million in debt funding towards a development project (Project Shiprite) of a $137 million floating dock ship repair facility in Ghana.

The project, dubbed as ‘Shiprite’ at Ghana’s western Takoradi port will become home to a new 13,500t lift-capacity floating dry dock, 30,000 sq. m of reclaimed land, a 200m jetty, a modern workshop, offices and also heavy marine equipment.

Funders of the Project Shiprite

The lenders including the African Development Bank, African Export-Import Bank, and even the Southern African Trade and Development Bank, and Petra Pension Schemes just signed a deal that would foresee the provision of the funding to Prime Meridian Docks (PMD) Assetco Limited to construct and operate the upcoming facility.

PMD is a Ghana-based ship repair company with Free Zones Service Enterprise status and a 25-year concession from the Ghana Ports and Harbours Authority.

Kanayo Awani, who holds the position of executive vice president, Intra-African Trade and Export Development Bank, Afreximbank, mentioned, “The strategic location of this facility will provide ship-owners whose sea vessels trade within the Gulf of Guinea with state-of-the art repair and maintenance services.”

Michael Awori, chief executive of the Southern African Trade and Development Bank (TDB), also mentioned, “TDB is pleased to co-finance Project Shiprite, a ground-breaking project in West Africa which will enable considerable cost and time savings for ship owners in need of maintenance and repair solutions in proximity and in line with international standards, thereby enhancing the efficiency of their operations.”

Other Related Projects in West Africa

In another similar projects in the region of West Africa, the government of Senegal has affirmed the construction of West Africa’s largest port, the Ndayane port. The new port is foreseen to create a pathway to aid in unlocking the continent’s economy by becoming a new transport hub in the region.

However, the hope of this great potential change greatly depends on increasing intra-regional network. Previously, the British International Investment (BII) head of Africa, Chijutomi, gave insight that the port is almost coming to its implementation phase. It is expected that the expeditious construction works of the port will begin in the third quarter of the current year.

The port is significant as it is expected to kick start and bolster West Africa’s regional trade. Construction works of the deep-water port is set to restart after a year-long delay. This is after President Macky Sall stated securing the government’s share of the financing had been also resolved.

The Ndayane port represents the first considerable development since Senegal’s independence, a remarkable feat. The port is positioned not only to emerge as the largest in West Africa but also to have the deepest waters in its harbor.

The construction of the port is called for owing to the intensifying pressure at Dakar Port. The growing cargo volume in Senegal’s sole operating port is facing a challenge, with congestion being a pressing issue for the shipping sector.

Also read: Construction of the Mega $1 Billion Ndayane Port in Senegal Enters its Implementation Phase: West Africa’s Largest Port

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