Development Bank grants $23.04 million to Prime Meridian Docks
Floating Dock Facility T'di Port: A Giant Leap for Ghana's Maritime Sector
!view of stern and rudder of a ship in floating dry dock ready for repair
Ghana's Port Takoradi is preparing to make waves in the global maritime world! The African Development Bank has given the green light, offering a US$23.04 million loan to Prime Meridian Docks AssetCo Ltd. (PMD), a special purpose entity. This financing will help construct a cutting-edge floating dock repair and maintenance facility.
The project's grand total is expected to be US$137 million. Here's the lowdown: a 200-meter jetty, dredging 300,000 cubic meters of rock in the port basin, and the installation of a 13,500-tonne lift-capacity floating dock. The facility will also sport offices, a warehouse, mechanical workshops for steel and pipe fabrication, electrical works, blasting and painting, and equipment maintenance — quite the shipshape setup!
The Bank's Board will also be working to secure an additional US$11 million for the project by syndicating financing.
Mike Salawou, Director for Infrastructure, Cities and Urban Development-African Development Bank, shared his thoughts: "Ship repair and maintenance is a valuable, underexplored market on our continent. Investing in it will help support maritime transport and promote sustainability, boosting regional integration and international trade activities".
PMD, founded by Ghanaian entrepreneur Stanley Raja Korshie Ahorlu, is the mastermind behind the project. Ahorlu enthusiastically states, "The African Development Bank's approval and financial support represents years of dedication and commitment and is a testament to PMD's mission to revolutionize Africa's maritime sector".
The bank's support will generate over 400 permanent jobs, with 15% of these positions earmarked for women—a much-needed boost to gender equality in the maritime sector experiencing only a 2% female workforce globally.
Now, onto the green side of things: as the floating dock comes to life, it promises to reinforce the ocean economy's resilience in Ghana by reducing carbon emissions caused by increased vessel traffic. Furthermore, it's all about the renewables: energy-efficient practices and slow vessel steaming will be prioritized, aligning with the International Maritime Organisation's best practices, as well as Ghana's Nationally Determined Contributions, making the project Paris-aligned.
This project aligns with the African Development Bank's Country Strategy Paper for Ghana (2019-2023) and pushes forward the country's goal to become a trade hub for shipping and petroleum operations in West Africa. The facility will help lower transport and logistics expenses, speeding up mobility and connectivity, ultimately raising Ghana's competitiveness.
One of the most significant development outcomes will be the knowledge transfer, as its operators will train local staff in their Aberdeen training institute, and a partnership with Ghana's Regional Maritime University will be forged.
Fancy some intriguing facts? The Floating Dock Facility will boast an impressive 13,500-tonne lift capacity floating dry dock, 18,000 square meters of reclaimed land, and a 200-meter jetty, positioning Takoradi as a key player in the regional ship repair market [1].
So, it looks like Takoradi's taking the skipper's chair as a major ship repair hub in the near future! Get ready for the wave of change to sail into Ghana's maritime sector! 🇬🇭⚓️🛥️🌊
- The floating dock repair and maintenance facility in Ghana's Port Takoradi, once completed, will significantly increase its presence in the global maritime market.
- The project will receive additional financing through syndication, totaling an expected US$11 million.
- The African Development Bank's investment in the project is expected to generate over 400 permanent jobs, with 15% of these jobs reserved for women.
- The facility's energy-efficient practices and prioritization of slow vessel steaming will help reduce carbon emissions and align with both the International Maritime Organisation's best practices and Ghana's Nationally Determined Contributions.
- The project supports Ghana's goal to become a trade hub for shipping and petroleum operations in West Africa, aiming to lower transport and logistics expenses and boost the country's competitiveness.
- Knowledge transfer will play a crucial role in the project's development, as operators will train local staff and form a partnership with Ghana's Regional Maritime University.
- The 13,500-tonne lift capacity floating dry dock, reclaimed land of 18,000 square meters, and 200-meter jetty will position Port Takoradi as a key player in the regional ship repair market.
