Ghana Secures $137 million Funding For New Ship Repair Dock Facility

A consortium, including the African Development Bank, has inked a deal to provide $94 million in senior debt funding to PMD Assetco Limited (PMD) for the establishment of a floating dock ship repair facility in Ghana’s Takoradi port.

Dubbed “Shiprite,” the project has garnered the full commitment of all contributors, totalling $137 million in capital. Once operational, the facility will feature a 13,500-ton lift-capacity floating drydock, reclaimed land, a 200-meter jetty, modern workshop, offices, and marine equipment.

Kanayo Awani, Executive Vice President of Intra-African Trade and Export Development Bank at Afreximbank, emphasised the project’s strategic value, foreseeing enhanced intra-African trade and regional economic growth.

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Mike Salawou, Director for Infrastructure at the African Development Bank, highlighted the socio-economic benefits, projecting the creation of over 400 new jobs, with a significant portion reserved for youth and women.

Michael Awori, Chief Executive of TDB, praised the project’s potential to reduce costs and time for ship maintenance and repair, boosting regional efficiency and lowering carbon emissions.

Chris Hammond, Chairman of Petra Pension Schemes, hailed the participation of pension funds in Project Shiprite, underscoring its contribution to diversification and local pension industry development.

Jobalo Oshikanlu, Deputy CEO of ARM-Harith Infrastructure Fund, expressed pride in reaching this milestone, praising PMD’s resilience and collaboration in overcoming challenges.

Stanley Raja Korshie Ahorlu, Lead Sponsor of the project, affirmed PMD’s readiness to commence construction and support shipowners in the region, aligning with global efforts to reduce greenhouse gas emissions.

PMD Assetco Limited, a Ghanaian ship repair company, holds a 25-year concession from the Ghana Ports and Harbours Authority and boasts Free Zones Service Enterprise status.

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Source: African Development Bank