US$140m Takoradi Dock to rake in US$40m annually, create 450 jobs

The Takoradi Floating Dock Project is a game-changer for Ghana. Ms. Ogbugo stated it could generate over US$40 million annually. It will also create about 450 skilled jobs. This project has significant potential for the economy.

Prime Meridian Dock Ghana Limited and the Ghana Ports and Harbours Authority (GPHA) are partners in this project. However, it faces major challenges, especially in raising capital. Funders often lack understanding of the maritime sector.

Ogbugo mentioned that early studies were necessary but hard to fund. These included environmental impact assessments and traffic analysis. The lack of public sector support was another setback.

She credited key government figures, including former President Nana Akufo-Addo, for helping secure financing. Ogbugo emphasized the need for government intervention to reduce investment risks. This could include enforceable laws and a maritime development fund.

She proposed that a fund managed by GMA could provide early-stage funding for projects aligned with Ghana’s maritime vision. There are critical gaps in the country’s maritime sector, such as only 54 registered ships.

Inadequate infrastructure hampers short-sea shipping and cruise activities. She called for investments in Volta Lake barges and passenger terminals at Takoradi to meet demand.

On decarbonization, she acknowledged that transitioning to zero net emissions by 2050 is costly for Africa. Cleaner fuels like hydrogen are nearly four times more expensive than diesel, increasing freight costs unfairly.

Despite these challenges, she sees opportunities due to Ghana's abundant solar resources. Battery storage and shore-power solutions at ports can attract eco-conscious vessels.

Additionally, there will be a global shortage of 90,000 seafarers by 2026. Ghana is on the IMO white list, indicating well-trained seafarers. With a young population and Regional Maritime University, Ghana can train more seafarers to meet demand.

Ogbugo urged closer collaboration between government and private sectors on infrastructure projects. A Maritime Development Fund could provide early funding for important shipping initiatives.

With proper policies and financial support, Ghana can become a strong player in the global maritime industry. This would allow the country to benefit more from the shipping value chain.