Ghana Secures $9.7 Million Funding Boost for Takoradi Floating Dock as West Africa Expands Ship Repair Capacity
Ghana has achieved a major milestone in its maritime infrastructure development agenda after the Takoradi Floating Dock Project (Shiprite) secured $9.7 million in financing from the Private Infrastructure Development Group (PIDG), advancing plans to establish one of West Africa’s most significant ship repair and dry docking facilities.
The funding forms part of a broader growth partnership between Ghana and the United Kingdom, formalized during Ghanaian President John Mahama’s recent visit to the UK.
Growing vessel traffic along the West African coastline, driven by ship diversions around the Cape of Good Hope, combined with the expansion of deepwater offshore drilling activities by major international oil companies, is increasing demand for regional maritime services. These developments are positioning West Africa as an emerging hub for ship repair, vessel maintenance, offshore support, and maritime logistics.
The $137 million Takoradi Floating Dock Project is being developed by an investor consortium led by Prime Meridian Docks Ghana Ltd, with equity participation from the ARM-Harith Infrastructure Fund. The newly secured PIDG investment closes the project’s remaining financing gap.
The African Export-Import Bank (Afreximbank) serves as the mandated lead arranger for the project, while additional investments are expected from the African Development Bank (AfDB) and the Trade and Development Bank (TDB) for Eastern and Southern Africa.
PIDG will channel its financing through InfraCO, the organization’s project development arm. Funded by six governments, including Australia, Canada, the United Kingdom, Sweden, and the Netherlands, PIDG has described Project Shiprite as a strategically important investment supporting West Africa’s maritime growth.
Currently, vessels operating in the busy Gulf of Guinea must undertake lengthy voyages of between 10 and 14 days to access dry docking and repair facilities in Walvis Bay, Namibia, or Las Palmas, Spain. The absence of a large-scale commercial dry dock in the region has increased operational costs and downtime for shipping companies and offshore operators.
The Takoradi Floating Dock Project is designed to address this challenge by providing a modern ship repair and dry docking facility within the Gulf of Guinea. Developed in partnership with the Ghana Ports and Harbours Authority (GPHA), the project operates under a 25-year concession agreement between GPHA and project partners.
Located within the Port of Takoradi, approximately 140 miles from Ghana’s capital, Accra, the facility will be capable of servicing vessels measuring up to 200 meters in length once completed.
The project reflects a broader trend across West Africa, where governments and financial institutions are investing in maritime infrastructure to strengthen regional shipping services and reduce dependence on overseas repair facilities.
Last month, Senegal established a joint venture with Damen Shipyards Group to modernize and operate the historic Dakar Shipyard, while Afreximbank is supporting upgrades at the Starzs Marine Shipyard in Nigeria’s Onne Oil and Gas Free Zone in Rivers State.
These investments underscore the growing importance of West Africa’s maritime sector as regional nations seek to expand ship repair capabilities, support offshore energy operations, enhance port competitiveness, and capture a larger share of global maritime services.
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