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US$1.5 billion for Ghana port expansion

PRESS RELEASE

June 12, 2015: Meridian Port Services, a joint venture between Bolloré Africa Logistics, APM Terminals, and the Ghana Ports and Harbour Authority, will develop a new deep-water 3.5 million TEU port and logistics hub in Ghana to accommodate larger vessels and West African trade growth.

A USD 1.5 billion plan to expand the Port of Tema into a new West African regional port and logistics hub was set into motion with a formal signing ceremony held today by His Excellency John Dramani Mahama, the President of the Republic of Ghana.

Meridian Port Services (MPS), a joint venture of APM Terminals, Bolloré Africa Logistics and Ghana Ports and Harbours Authority (GPHA) - which operates the container terminal in Tema Port - will develop four deep-water berths, a new breakwater and an access channel able to accommodate the world's largest container ships, providing a world-class port infrastructure to support the country's economic growth. This will add 3.5 million TEUs in annual throughput capacity. More than 5000 jobs will be created as a result of this project.

The expansion project includes plans for the potential construction of additional terminal facilities, including bulk, liquid bulk and general cargo terminals, as global trade with Africa continues to accelerate.

"We are excited about how this port will contribute to Ghana's future economy. Increased access to global markets is a key component of Africa's ongoing economic growth, and the new, world-class port development which begins here today will help to put Ghana, and all of West Africa at the forefront of African global trade," stated APM Terminals CEO Kim Fejfer.

"MPS is the quintessential example of a successful public-private venture between two European partners and the government of Ghana. By virtue of this project, along with the trust we place in Ghana's emerging economy, we extend our commitment through a major project that will help bridge Ghana's economy to the outside world under the most favourable conditions," said Philippe Labonne, CEO Bolloré Africa Logistics

In a separate project, APM Terminals and Bolloré Africa Logistics will upgrade the current highway between Accra and Tema to a six-lane modern highway along with improved connecting roads and access point to enhance the movement of cargoes into and out of the port of Tema and the hinterland.

The IMF has projected Ghana's economy to expand by 3.5% in 2015 and by 6.4% in 2016. Container ship industry analysts have estimated overall African containerized cargo handling to have increased by 7.2% in 2014, as compared with an overall global growth rate of 5.4%. African port container volumes are forecast to continue to increase well above the global market.
Container throughput at MPS was 651,000 TEUs in 2014.

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