Prime Meridian Docks (PMD) has signed a $49 million Engineering, Procurement and Construction (EPC) agreement with China Harbour Engineering Company Ltd. (CHEC) to facilitate the completion of a world-class ship repair and maintenance facility at the Takoradi port.
The project comprises the design and construction of a 200m long and 20m wide jetty, dredging, reclamation, revetment, auxiliary buildings and utilities services.
The civil works will result in the creation of two wet berths as well as 18,900 square meters in reclaimed paved operational areas within its concession area located in the Takoradi Port.
Speaking at the signing ceremony, on Monday (January 25, 2021), Founder of Prime Meridian Docks, Stanley Raja Ahorlu said the project which processes began in 2014 will take another 18 months to complete. It is estimated to create about 1000 employment opportunities.
“All of this may expect to take about 18 months to finish and then this project will come into operation. It is anticipated that the project will employ about a 1000 people when it is fully operational. We also expect that the impact on the economy is going to be wide and the contribution to the country’s GDP in terms of the transport of the transport sector is significant.”
With the total cost of the project running at $110M which includes the EPC contract which will be executed by CHEC and the construction, Mr. Ahorlu believes support from some international financing houses has been of great value to the progress of the project so far.
“As you can imagine, this kind of project requires a lot of funding and locally we cannot obtain that kind of funding so it had to be internationally sourced and the means of doing that is project financing. For the past 7 years, as a private entity we’ve been spending our money to develop the project to a point where the likes of AfriExim Bank, IDC(South Africa), Africa50, ARM-Harith Infrastructure fund and Pan-African Infrastructure Development fund have decided to fund it”, he added.
The project is projected to have the capacity of 39 ships a year to come through the facility for services to be rendered.
About Prime Meridian Docks
Prime Meridian Docks aims to provide a cost-effective port-call option for planned and unplanned maintenance, repairs, inspection & recertification, modifications, refits, offshore project mobilizations, as well as asset preservation, stacking and reactivation drawing on the depth of skills, resources and infrastructure in Ghana and its partner companies including Rigmar and Ghana Ports and Harbours Authority.
About China Harbour Engineering Company Ltd. (CHEC)
China Harbour Engineering Company Limited (CHEC), a state-owned firm, has the integrated ability of investment, construction and operation covering the whole industrial chain in such fields as marine engineering, dredging and reclamation, roads and bridges, railways, airports, municipal works and environmental protection and complete plant.
With the advantages in capital, technology, marketing, talent and equipment, CHEC provides first-rate services for its customers around the world and has constructed many landmark projects with international influence. CHEC has more than 90 overseas branch offices and subsidiaries, around the world. And over 15,000 employees of CHEC are undertaking 30 billion USD worth of projects globally.