Ghana is positioning its busiest port to become a hub in West Africa with a $1.5 billion expansion project.
The project to nearly quadruple the container capacity from 2017 of the port of Tema, which now handles more than 70% of Ghana’s container traffic, was spearheaded by
Meridian Port Services, a joint venture between Bollore, APM Terminals and the Ghana Ports and Harbours Authority.The Port of Tema aspires to overtake regional peers such as the Port of Abidjan, providing a point of transshipments for cargo, Mohamed Samara, MPS Chief Executive Officer told journalists last month.
The expansion is set to leverage an Africa-wide trade deal, which came into effect in January and seeks to boost intra-continental commerce from the current 14.5% of trade, according to the African Export-Import Bank. That share compares with more than 50% in Asia and 72% in Europe. The Africa Continental Free Trade Area is creating the world’s biggest free trade zone by area, encompassing a combined economy of $2.5 trillion and a market of 1.2 billion people.
Read More: From Nairobi to Ningbo: See the Supply Shocks Spanning Globe
MPS is set to conclude its second phase this week after delays linked to the coronavirus pandemic, Samara said Wednesday.
Extension works will include digitizing processes and providing an installed capacity of 3.7 million TEUs a year, according to the company. That is set to cut down on terminal time and expand the traffic volume for the port. The investment also seeks to deepen the port to accommodate larger ships.
The expansion could increase exports of Africa’s biggest gold producer and the world’s second-largest cocoa grower by as much as 17% over five to 10 years, according to a 2019 study by Quantifying Business Impact on Society. The study also warns that efficiency gains could be eroded by congestion on the 19-kilometer (12-mile) highway connecting the port city to Accra.
— Baudelaire Mieu and Yinka Ibukun in Accra
Charted Territory
Widening the Gap
The U.S. trade deficit just widened to another record amid a surge of imports
Source: U.S. Commerce Department
The U.S. trade deficit just widened to another record, reflecting a pickup in the value of imports of consumer goods and industrial supplies. The gap in trade of goods and services increased 4.2% to $73.3 billion in August, from a revised $70.3 billion in the prior month, according to Commerce Department data released Tuesday. The median estimate in a Bloomberg survey of economists was for a shortfall of $70.8 billion.
Today’s Must Reads
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- Trade recovery | Canada’s trade surplus with the rest of the world expanded significantly in August on larger energy exports.
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On the Bloomberg Terminal
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- Use the AHOY function to track global commodities trade flows.
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- Click VRUS on the terminal for news and data on the coronavirus and here for maps and charts.
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Supply Chain Latest: Ghana's Busiest Port Plans Big Expansion - Bloomberg
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