Left to right: Rollo Sparkes (PIDG), Anthony Ametefe (PMD), Maria Ogbugo (PMD), Stanley Ahorlu (PMD), Bertrand Ketchassi (PIDG), Emilio Cattaneo (PIDG).
Accra, Ghana: The Private Infrastructure Development Group (PIDG) has joined an investor consortium to close the final funding gap for the USD 137 million Takoradi Floating Dock Project (“Shiprite”) in Ghana. Located in the Port of Takoradi, 225km from the capital, Accra, Project Shiprite will develop, build, and operate a world-class commercial-scale ship repair and dry docking facility in the Gulf of Guinea. Delivered as a partnership with the Ghana Ports and Harbours Authority (GPHA) under a 25-year concession agreement, the Shiprite transaction with PIDG’s investment can now proceed to financial close and construction.
Made through the dedicated investment arm of PIDG’s project development solution, InfraCo, today’s equity investment complements equity investments by ARM-Harith Infrastructure Fund and the project developer, Prime Meridian Docks Ghana Ltd, and unlocks senior and mezzanine financing from the African Export-Import Bank as the Mandated Lead Arranger, the African Development Bank, the Eastern and Southern African Trade and Development Bank (TDB), Petra Pension Schemes, and Origen Private Debt Fund.
The announcement was made during the two-day Ghana-UK Investment Summit hosted in London and attended by H.E John Dramani Mahama, President of the Republic of Ghana.
British High Commissioner to Ghana Dr Christian Rogg said, “Shiprite embodies the ambition we are setting through our newly signed UK-Ghana Growth Partnership. It combines capital and expertise, mobilises international and domestic investors, and backs public-private partnerships to create jobs in Ghana and business opportunities for UK shipping and logistics firms.”
Speaking at the Summit, Honourable Minister Felix Kwakye-Ofosu said, “Government welcomes this important investment and commends all partners whose collaboration has brought the project to this stage. This project will establish a world-class ship repair and dry docking facility in Takoradi, enabling vessels operating in the region to access critical maintenance services closer to home. Beyond improving operational efficiency, the project is expected to create employment opportunities, strengthen local capacity, reduce vessel downtime, retain foreign exchange within the region, and contribute to lower emissions by reducing long-distance voyages for ship repairs. We look forward to its successful implementation and the positive impact it will have on Ghana’s maritime industry and economic development.”
Stanley R. K. Ahorlu, the Lead Sponsor and CEO of Prime Meridian Docks said, “We are delighted to welcome PIDG to the project; their investment has enabled us to proceed to the construction and operation of this transformational initiative in the Gulf of Guinea. Building dry docking facilities to international standards here in Ghana will generate employment as well as reduce journey times, fuel costs, and emissions. It will also keep vital foreign exchange in the region.”
Once built, vessels up to 200 metres in length will be able to undertake mandatory dry docking and ad hoc repairs at the PMD Yard in Takoradi, Ghana, avoiding the need to sail 10-14 days to Walvis Bay, Namibia, or Las Palmas, Spain for service. The project is expected to deliver significant fuel and emissions savings by reducing overall travel distances.
Claire Jarratt, PIDG Head of Investment Management for InfraCo said, “PIDG is committed to mobilising private and development finance for sustainable infrastructure. Project Shiprite epitomises this work as we are closing a critical late-stage funding gap to unlock significant senior and mezzanine financing for this transformational project, the first of its kind in West Africa. The project is also pioneering the involvement of a local pension provider in the region’s infrastructure finance ecosystem, setting the stage for future similar investments. We are proud to be working with such strong partners to develop world-class maritime dry docking and repair facilities in Ghana which will serve the region’s vessels into the future.”
Rachel Moré-Oshodi, CEO of ARM-Harith Infrastructure Fund Managers said, “Project Shiprite has been a long journey, and PIDG’s investment marks an important step in moving the project forward. We are pleased to welcome them into the partnership. As a long-term partner in the development and structuring of Shiprite, we have seen the project evolve from a bold idea into a bankable infrastructure platform with the potential to serve Ghana and the wider Gulf of Guinea. That kind of progress takes time, discipline, persistence, and partners who believe in the strategic importance of what is being built. For us, Shiprite reflects exactly why ARM-Harith exists: to help turn essential infrastructure ideas into investable projects that can strengthen local economies, deepen industrial capacity, and create long-term value. We are proud to have played a central role in bringing the project to this stage, and we look forward to continuing working with Prime Meridian Docks, GPHA, PIDG, and the broader financing consortium as the project advances.”
It is anticipated that Project Shiprite will establish Ghana as a regional maritime hub, significantly reducing vessel downtime and improving efficiency. Furthermore, as the maritime industry decarbonises, Project Shiprite will remove the need for shipowners in the Gulf of Guinea region to embark on long deviations to overseas shipyards, thereby mitigating carbon emissions. The yard will also offer retrofitting and other energy-efficient modifications required in line with shipping’s energy transition.
