MP calls for probe into Tema Port expansion contract

By CitiFMonline
Headlines MP calls for probe into Tema Port expansion contract
MAR 16, 2017 LISTEN

The Member of Parliament for Okaikoi Central, Patrick Yaw Boamah, believes a forensic investigation into the shareholding structure of the Meridian Port Services Limited (MPS) is needed.

Speaking to Citi News, the MP noted that, Ghana has a stake in the MPS structure, but said he was privy to information indicating that “ the shares of the government of Ghana have been diluted.”

He further expressed fears that government could lose a lot of revenue if indeed the state's shares in the venture have been diluted.

Mr. Boamah thus said he wants government “to take the necessary steps to call for a thorough forensic investigation into the circumstances leading to the dilution of the shares of Ghana in MPS.”

“I believe it is a prosperous venture, and the shareholding government, looking at the revenue that comes to the port will help the government achieve its objective under the Akufo-Addo administration.”

The MPS currently carries out key services in the country's ports and harbour space including the Tema Port expansion project.

MPS dealings with Ghana
In 2004, the government of Ghana signed a contract with the Meridian Port Services Limited to run the Tema Port on a 20-year concession agreement.

The MPS is a joint venture between the Ghana Ports and Harbours Authority and Meridian Port Holdings Limited, which is in turn, a joint venture with Bolloré Group and APM Terminals – a subsidiary of Maersk – as the two main shareholders.

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The joint venture share comprises Bolloré 35%; APM Terminals 35%; and Ghana Ports & Harbours Authority 30%.

As part of the concession agreement, MPS was to invest in the Tema Port, expand facilities and make it a productive national asset.

By: Delali Adogla-Bessa/

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