en.Wedoany.com Reported - Ghana's Takoradi Floating Dock Project (also known as Shiprite) has recently secured $9.7 million in financing from the Private Infrastructure Development Group (PIDG), as part of the Ghana-UK Growth Partnership. Ghanaian President John Mahama signed the relevant agreement during his visit to the United Kingdom last week.
The rerouting of ships around the Cape of Good Hope has led to increased vessel traffic along the West African coastline. The recent expansion of deepwater drilling operations by major oil companies also serves as an indicator of growth in the West African offshore industry. These opportunities are positioning the region as a global destination for ship repair and maintenance, prompting several West African governments to accelerate the expansion of ship repair infrastructure.
The $137 million Takoradi Floating Dock Project involves an investor consortium led by project developer Prime Meridian Docks Ghana Ltd, along with equity investment from the ARM-Harith Infrastructure Fund. PIDG's investment helped bridge the final funding gap. The African Export-Import Bank (Afreximbank) serves as the mandated lead arranger, with additional investments expected from the African Development Bank and the Eastern and Southern African Trade and Development Bank (TDB).
PIDG will provide the financing through its project development arm, InfraCO. Funded by six governments, including Australia, Canada, the United Kingdom, Sweden, and the Netherlands, PIDG has praised the Shiprite project as a timely investment in West African maritime development. Currently, vessels operating in the busy Gulf of Guinea are forced to undertake 10- to 14-day voyages to Walvis Bay in Namibia or Las Palmas in Spain for regular dry docking and ship repair services.
The Takoradi Floating Dock Project aims to address this challenge by providing a modern, commercial-scale ship repair and dry docking facility in the Gulf of Guinea. The project is being delivered in partnership with the Ghana Ports and Harbours Authority (GPHA) under a 25-year concession agreement with project partners. The dry dock is being developed near the port of Takoradi, approximately 140 miles from the capital, Accra. Once completed, the facility will be capable of handling vessels up to 200 meters in length.
Recently, there has been an increase in dry dock upgrade projects across West Africa. Last month, Senegal established a joint venture with Damen Shipyards Group to operate and upgrade the historic Dakar shipyard. The African Export-Import Bank is also supporting the upgrade of the Starzs Marine shipyard in the Onne Oil and Gas Free Zone, Rivers State, Nigeria.
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