Ghana's stake in Tema Port cut to paltry 15% — Confidential report

Ghana's equity holding in the Tema Port has been reduced to a meagre 15%, according to a confidential government report seen by ModernGhana News.

This is contrary to public claims that the state-owned Ghana Ports and Harbours Authority (GPHA) holds 30% stake in the joint venture company, Meridian Port Services (MPS), that operates the container terminal at Tema port.

The report titled 'How Vincent Bolloré won control of Ghana’s biggest port' prepared by Andrew Wier details how French billionaire Vincent Bolloré through his ports and logistics firm Bolloré Africa Logistics managed to gain control of Tema port by allegedly "ripping off the country".

It shows how through unethical means, lack of transparency and disregard for due process, MPS which is 70% owned by Bolloré and Danish shipping giant Maersk was awarded the contract to build, finance and operate the new container terminal at Tema port in 2014 without any competitive bidding.

According to the document, MPS through alleged dubious means reduced GPHA's original agreed stake of 30% in the joint venture company to a paltry 15% in 2016 without the state entity's knowledge.

This was shared via X on Friday, June 14, by Ghanaian rapper Sarkodie's wife, Tracy Owusu Addo who wrote; "Gov.’s stake in the Tema Port is currently only 15%. We do not have a say in what happens at our Port since 2014. It is owned by French billionaire Bolloré who owns 17 other ports in West Africa".

The document gives further details on how Bolloré, through the use of alleged political connections and unethical means has come to dominate ports across West Africa, including Tema where he has a strategic interest as the gateway to landlocked countries like Burkina Faso, Mali and Niger.

This comes on the back of the report that health commodities worth $45 million and purchased with Global Fund allocations to the country have been stuck at the port since August 2023 due to the importers’ inability to pay the import duties.