Africa Finance Corporation (AFC), an infrastructure solutions provider in Africa, has sold its 35% equity stake in Atlantic Terminal Services Limited (ATSL), the concessionaire for the expansion of Ghana’s Takoradi Port, to the global port operator Yilport Holding.
In 2019, AFC committed to invest up to US$138 million in equity and debt for the Takoradi Port Expansion Project. The project, which is approaching the operational phase, reduces the cost of imports and exports to and from the western and central regions of Ghana and neighbouring landlocked countries by modernising a container and multipurpose terminal under a 25-year concession for its design, engineering, financing and construction.
Through this transaction, AFC exits its shareholding, while Ibistek and Ghana Ports & Harbours Authority remain as shareholders in the project. AFC will continue to be lender to the project.
Takoradi provides shorter and less congested transportation links to western and central Ghana, including the Takoradi region, known for substantial agricultural activities, manufacturing, industrial zones, business parks, and a growing natural resources sector, while the port is also well positioned to provide linkages to neighbouring landlocked countries.
This project is part of Ghana’s national development plan to revitalise and industrialise the western region, and improve overall efficiency and competitiveness by reducing import and export costs, building local capacity, and creating direct job opportunities.
Samaila Zubairu, president & CEO of Africa Finance Corporation said, “This exit marks a significant milestone for AFC’s impact on the continent and we take pride in our pivotal role in driving the implementation and de-risking of the Takoradi Port Expansion.”
