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Ghanaian banks urged to invest in Port developments

   The director general of Ports Mr. Richard Anamo has urged  Ghanaian banks to invest more into the maritime sector by considering investments into port projects and facilities. He called on the financial institutions to pull resources together in order to secure finances necessary to support major ports development projects. He added that , in-spite of the strong prospects of good returns on investments, no bank currently has the funds needed to support major port expansion and development works.

Port infrastructure
Port infrastructure

    He further added that, such investments into the port sectors are very necessary as most ports are seen as the “gateways” into the particular regions they serve.

     He did also mention that, congestion is one of the major challenges at the country’s ports which has taken a toll on ports efficiency. In view of this APM Terminals signed an MOU in the last quarter of last year with the Ghana government to commence a $1 billion project to expand the port of Tema.

  The deal will see APMT partner with Bolloré Africa Logistics (Meridian Port Holdings) and the Ghana Ports and Harbours Authority (GPHA) to deliver the project via a joint venture structure known as Meridian Port Services (MPS).

  Peder Sondergaard, regional head of APM Terminals Africa-Middle East said that, “MPS is a very successful private/public partnership which has brought global trade to local shores. APM Terminals looks forward to take the next step to drive the development of a world class port expansion which can serve the country of Ghana in the coming decades”

 The MPS partnership has  improved turnaround time at the Port of Tema and helped improved the competiveness of the port in the sub-region strategically positioning it as a gateway into West Africa.

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  The expansion works would be  monitored  by the Ghana Ports and Harbours Authority (GPHA) which aims to create the largest cargo port in West Africa, with a capacity of 3.5 million TEU per annum once complete in 2018.

Its important though that such Private Public –Partnerships (PPP) are well structured with proper strategies put in place so as to be beneficial to all parties involved.

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