A New oil jetty at the Takoradi Port is to become operational on October 1, 2019, as part of the Takoradi Port expansion works.

The new jetty replaces an old one that could discharge only 20,000 tonnes of petroleum from ships.

The new jetty can discharge in excess of 80,000 tonnes of petroleum.

Chairman for Ibistek, a local company undertaking the Takoradi port expansion works, Kwame Gyan, told Joy Business in an interview that the new oil jetty which is the largest in West Africa will play a key role in discharging petroleum at the ports.

The first phase of the port expansions project, which is expected to be completed within 24 months, is being financed partially by the African Finance Group (AFC) following a withdrawal by the African Development Bank (AfDB), the initial financiers of the project.

Ibistek is providing a 50 per cent equity of $200 million which it had since secured through the capital market, while the AFC Group, headquartered in Nigeria, was providing the debt component of the funding.

The company has also invested in the development of access roads to the port, linking the project to the off-dock devanning terminal that was previously built, which has seen a significant increase in container cargo vessels at the port.