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Business News of Monday, 11 June 2018

Source: Ghananewsagency.org

President cuts sod for Takoradi Port expansion project

President Nana Addo Dankwa Akufo-Addo has cut the sod for the start of the Takoradi Port expansion project, vowing to remain focused on building a more robust and competitive economy.

“We need a competitive economy that could create jobs and wealth for the people.”

This, he said, was at the core of the thinking of everything that the government was doing.

The expansion project is being funded by Cal-bank and Ghana Infrastructure Investment Fund together with Justmoh Construction Limited and other local businesses.

President Akufo-Addo noted that the project tied in with the dream of putting the country “beyond aid” and described it as “one significant gesture we are witnessing today”.

It is being carried out by Ghanaian private investment company, IBISTEK, operators of the newly established Takoradi Container Terminal.

On completion, it would significantly increase efficiency at the port and reduce congestion.

There is the added high point of more direct and indirect job opportunities for the unemployed youth.

President Akufo-Addo applauded IBISTEK for developing a world class container terminal to ease congestion at the port – to meet the growing demand on contemporary shipping and maritime sector.

He expressed optimism that the project would be efficiently managed to enable the country “to participate in competitive business environment”.

He made reference to modern ports in countries like Togo, Benin, Senegal and Cote D’ Ivoire and said Ghana could not afford to be left out in this massive drive for development.

He had earlier commissioned the US$500 million Tarkoradi Container Terminal and the rehabilitated road from Paa Grant Roundabout through New Takoradi to Gate 10.

Mr. Kwaku Ofori Asiamah, the Minister for Transport, said the sea port would continue to get its fair share of infrastructure development.

The ports were important assets – vital to the nation’s economic development.

IBISTEK and Ghana Ports and Harbours Authority entered into a concession agreement in January 2016 to develop an inland clearing depot.

The 27-acre land on which the project is sited had been developed into an ultra-modern container terminal and is currently operating.