PIDG joins consortium to unlock $137m Takoradi Floating Dock Project

The Private Infrastructure Development Group (PIDG) has joined an investor consortium to close the final funding gap for the $137 million Takoradi Floating Dock Project, paving the way for the project to reach financial close and commence construction.

Known as Project Shiprite, the initiative will establish a commercial-scale ship repair and dry-docking facility at the Port of Takoradi, positioning Ghana as a key maritime services hub in the Gulf of Guinea.

The project is being developed under a 25-year concession agreement with the Ghana Ports and Harbours Authority (GPHA) and will be undertaken by Prime Meridian Docks Ghana Limited (PMD).

PIDG’s investment, made through InfraCo, the investment arm of its project development platform, complements existing equity contributions from ARM-Harith Infrastructure Fund and Prime Meridian Docks Ghana.

The investment also unlocks senior and mezzanine financing from a consortium of lenders led by the African Export-Import Bank (Afreximbank), alongside the African Development Bank (AfDB), the Eastern and Southern African Trade and Development Bank (TDB), Petra Pension Schemes, and Origen Private Debt Fund.

The announcement was made during the Ghana-UK Investment Summit held in London and attended by President John Dramani Mahama.

British High Commissioner to Ghana, Dr Christian Rogg, described the project as an example of the ambitions underpinning the newly signed UK-Ghana Growth Partnership.

“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,” he said.

Government officials have welcomed the investment, highlighting its potential to transform Ghana’s maritime sector and generate significant economic benefits.

Speaking at the summit, Minister of State in charge of Government Communications, Felix Kwakye Ofosu, said the project would provide critical maintenance services for vessels operating in the region while creating jobs and strengthening local technical capacity.

“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,” he said.

The facility will be the first of its kind in West Africa and is expected to significantly reduce the need for vessels operating in the Gulf of Guinea to travel long distances for mandatory dry docking and repair works.

Once operational, ships measuring up to 200 metres in length will be able to undertake repairs and maintenance at the Takoradi facility rather than travelling to shipyards in Walvis Bay in Namibia or Las Palmas in Spain, journeys that can take between 10 and 14 days.

Project promoters say the shorter travel distances will reduce fuel consumption, lower operating costs and cut carbon emissions.

Lead Sponsor and Chief Executive Officer of Prime Meridian Docks, Stanley R.K. Ahorlu, said PIDG’s participation was instrumental in moving the project into its construction phase.

“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,” he said.

Claire Jarratt, PIDG’s Head of Investment Management for InfraCo, described the investment as a milestone for infrastructure financing in the region.

“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,” she said.

Chief Executive Officer of ARM-Harith Infrastructure Fund Managers, Rachel Moré-Oshodi, said the project had evolved from a concept into a bankable infrastructure investment capable of supporting industrial growth across the region.

“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,” she said.

Project Shiprite is expected to strengthen Ghana’s position as a regional maritime hub, improve efficiency in vessel maintenance services, and support the shipping industry’s transition towards lower-carbon operations through retrofitting and energy-efficiency upgrades.