Port of Tema $1.5 billion expansion project

Overview:

• Meridian Port Services, a joint venture between Bolloré Africa Logistics, APM Terminals, and the Ghana Ports and Harbour Authority, is to redevelop the existing Port of Tema in Ghana to accommodate larger vessels and Western African trade growth, both funding and developing the project.
• The new deep-water port is set to cost $1.5 billion to expand as the project looks to become a regional hub for Western Africa by upping the capacity from 1 million TEUs to 3.5 million. 
• Part of the development will be a deep water quay, as well as an access channel that will allow the project to accommodate the larger ships that are now entering West African trade lanes. 
• The port will open up Ghana's potential as a major player in Western Africa, an important development considering its maritime tensions with Côte d’Ivoire.
• The government of Ghana is currently under discussions to possibly extend a tax waiver to the project that will cover almost two thirds of its overall cost, as recommended by the Ghanaian Finance Committee.
• King & Wood Mallesons (Richard Mugni, Olivier Vermeulen) led the way as advisers to Meridian Port Services for all aspects of the project, as well as with government negotiations.
• Bentsi-Enchill Letsa & Ankomah (Divine Letsa) provided local counsel to the company, including due diligence on the land for the project.

John Crabb - Journalist - EMEA