Ghana’s MPS draws its first $100 mln for Tema port expansion

Ghana's Meridian Port Services (MPS), a company handling the Tema port expansion project, has drawn its first $100 million from the $667 million project financing package, which is to be mobilized by IFC from a consortium of development finance institutions and commercial banks.

Shareholders of the company are also expected to provide the rest of the funding of $333 million as equity.

The project thus has received a major boost, as part of moves to enable it to accommodate some of the world’s largest container ships and improve cargo handling services and capacity.

MPS said the funding will enable the development of an ultra-modern state-of-the-art port facility at Ghana’s primary commercial hub, which in addition to serving Ghana, will also expand trade flows and links across West Africa.