President John Mahama has cut the sod for the expansion of the Tema Port.

The project, the single biggest investment since the port was establish in 1962, is estimated to cost $1.5 billion.

The project, which is the biggest investment of the almost 70yrs history of the World Bank, would increase the capacity of the port thrice its current size is projected to be completed by the 4th quarter of 2019.

Meridian Port Services (MPS) was awarded the contract for the construction of the Tema Port expansion project.

MPS signed a financing package with the International Finance Corporation (IFC), a member of the World Bank group.

MPS is executing the project within the GPHA master plan for the development of Tema port, and building upon its success and achievements under the concession agreement that was granted in 2004, resulting in the latest massive expansion of Tema port’s capacity and infrastructure.

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President Mahama indicated that the project would generate some 1,000 jobs during the construction stage and an additional 5,000 new direct jobs upon completion.

"The overall economic impart will translate into 400,000 jobs along the whole maritime transport chain," he stated.

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He announced that under the expansion works, MPS would expand the Tema Motorway into a six-lane road, with the Japanese International Cooperation Agency (JICA) providing assistance for the development of Tema end of the motorway into an interchange.

Pulse.com