Maersk officially confirms $1.5 billion injection for Ghana Port

By Finance

The Maersk Group has now officially reaffirmed its commitment towards supporting the expansion process of Ghana’s Port of Tema with a potential investment of up to US$1.5 billion.

Nils Smedegaard Andersen, Group Chief Executive Officer of multinational transport and energy giant Maersk Group, has once again confirmed that the company is completely ready to inject US$1.5billion in order to provide a major boost to the ongoing expansion process of the Tema Port.

APM Terminals, Maersk Group subsidiary, signed a memorandum of understanding (MoU) with the Ghana government back in November 2014 regarding the expansion of the Tema Port.

Port Of Tema

Port Of Tema: picture GPHA

Andersen commented that funding for the project has already been secured and is merely pending the signing of a concession agreement established between Meridian Ports Services (MPS), a key Maersk partner, and the Ghana Ports and Harbours Authority (GPHA).

Expectations are that the proposed project will increase by four-fold Tema Port’s current capacity volume, and also improve road access to the port, which involves expanding the current motorway to a six-lane one. Tema Port is the busiest sea-port in the country.

A memorandum of understanding (MoU) between The Ghana Ports and Harbours Authority and Meridian Ports Services was signed in November 2014 to expand Tema Port in order to be able to manage the pressure brought by the continuous trade growth that has occurred over the course of these last five years.

According to reports, Andersen also assured the government that his firm would contribute its quota regarding the US$6 billion oil exploration work to be undertaken by Italian company Eni Exploration.

Anderson further added that Maersk was also exploring some oil and gas investment opportunities in Ghana, commenting:

“First of all, we plan to go in on the service sector and we are going to bring in our drillship that is worth aproximately US$700,000, along with our own supply vessels and tugs. We are fully able and ready to conduct business in Ghana.”