An attractive market
- The International Monetary Fund (IMF) has projected Ghana’s economy to expand by 3.5% in 2015 and by 6.4% in 2016.
- Container shipping industry analysts have estimated that the overall African containerized cargo handling has increased by 7.2% in 2014, as compared with an overall global growth rate of 5.4%.
- African port container volumes are forecast to continue to increase well above global market volumes.
Cars and trucks carrying containers and other heavy cargo thunder along the same two roads and stretch of highway connecting the port of Tema and Ghana’s capital city of Accra, every day.
Built solidly in the 1960s, this port-road infrastructure handles 70% of Ghana’s trade. A $1.5 billion investment by APM Terminals and its partners will ensure it can support the country’s growth and development for the next 50 years.
“This investment is unusual because of its size and the scope of the project,” says Peter Votkjaer Jorgensen, Head of Africa Port Investments for APM Terminals. “This is a long-term investment for us. It is an infrastructure package that will completely renew Ghana’s critical infrastructure and help the country support its expected future economic and population growth.”
Multi-purpose and future proof
The new port build will cost approximately $1.5 billion and will be a modern multi-purpose facility located on what is today an undeveloped beach adjacent to the existing port.
It will make room for an initial 3.5 million TEU, have allocated space for a variety of terminal operators and eventually boast 17 berths for vessels of all types, including much larger container vessels than those it can handle today.
“We’re building a port that needs to handle the full range of the country’s needs, from commodities to containers,” says Jorgensen. “In terms of vessels, it’s important for Tema to remain competitive on trade and transport costs and that means an ability to handle much bigger ships than is possible today. With a new channel and a draft of 16 metres, Tema will be able to handle container ships of at least 13,000 TEUs.”
Better access in and out
The road project, which will require an additional USD200-300 million in investment, will ensure that as the country’s economy grows, the cargo will continue to move smoothly in and out of the port.