By Dr. David King BOISON
Alternative funding sources for Ghana’s 24-hour port economy
Securing sustainable financing is a critical step in transforming Ghana’s ports into a fully operational, world-class, 24-hour economic hub.
While many African nations often rely on institutions like the IMF and World Bank, Ghana has the opportunity to explore alternative, more strategic funding mechanisms that align with its long-term maritime and economic goals.
Several non-traditional financing sources offer low-interest, debt-free, and sustainable capital investments to support port expansion, logistics automation, and maritime security enhancements.
A significant funding avenue is the African Diaspora Central Bank (ADCB), which has already funded US$9 billion for the construction of six luxury cruise ships under the IPADA Initiative in Nigeria. This demonstrates the ADCB’s commitment to strengthening Africa’s maritime capabilities.
Ghana can tap into this same funding stream to retool the Tema Shipyard, one of the largest shipyards in West Africa, and position it as a regional center for shipbuilding, ship repair, and tugboat construction.
With adequate investment, Tema Shipyard can play a pivotal role in reducing Ghana’s reliance on foreign ship repair services, creating jobs, and expanding the country’s maritime industrial base.
Beyond shipbuilding, Ghana can also leverage ADCB’s Eco-6 Stimulus Fund, which is gold-backed and underwritten by solar energy, to finance port automation, deepwater terminal expansions, and security infrastructure.
Since the fund operates as a Diaspora Direct Investment (DDI) mechanism, it provides an alternative to traditional debt financing, allowing Ghana to develop its maritime sector without accumulating excessive external debt.
Another attractive option is the Arab Bank for Economic Development in Africa (BADEA), which has consistently funded transport and logistics infrastructure projects across the continent.
Given its interest in improving intra-African trade routes, Ghana can engage BADEA for project-based financing or public-private partnerships (PPPs) to upgrade Tema and Takoradi ports, enhance transshipment facilities, and build specialized logistics zones.
China’s Belt and Road Initiative (BRI) remains another potential funding source. Several African nations have secured financing for port expansions, rail networks, and smart logistics systems through BRI-backed loans and grants.
Ghana can negotiate targeted financing agreements with China for the modernization of its port infrastructure, smart tracking systems, and maritime connectivity projects, ensuring the terms are favorable and aligned with national economic priorities.
The Islamic Development Bank (IsDB) also presents a Sharia-compliant, interest-free financing alternative, which Ghana can explore for investments in shipyard modernization, port security enhancements, and advanced maritime logistics technologies.
Additionally, Gulf-based sovereign wealth funds such as the Qatar Investment Authority, Abu Dhabi Fund for Development, and the Saudi Public Investment Fund have demonstrated a strong interest in Africa’s logistics and maritime industries. These funds can provide equity-based investment or co-financing arrangements to support Ghana’s maritime transformation.
Public-private partnerships (PPPs) and foreign direct investment (FDI) should also be prioritized in Ghana’s 24-hour port economy strategy. Singapore and Dubai have successfully integrated private investment into their port development plans, creating globally competitive logistics hubs.
Ghana can establish Special Economic Zones (SEZs) and Free Trade Zones (FTZs) around Tema and Takoradi, offering tax incentives and regulatory support to attract multinational shipping firms, logistics companies, and e-commerce giants.
In diversifying its funding sources and reducing reliance on traditional lenders, Ghana can secure the necessary capital to finance a 24-hour maritime economy while ensuring economic sustainability and long-term growth. With the right financial backing, Ghana has the potential to become the leading maritime hub in West Africa, driving trade, industrialization, and job creation.
Competitiveness in the sub region – the role of security
Ghana’s maritime sector does not operate in isolation; it exists within a highly competitive West African trade corridor, where neighboring countries such as Togo, Côte d’Ivoire, and Nigeria are making aggressive strides to attract global shipping lines, increase transhipment trade, and expand their port capacities.
To maintain and strengthen its competitive advantage, Ghana must not only enhance port efficiency and logistics infrastructure but also ensure robust maritime security to safeguard trade routes and protect national economic interests.
One of the biggest competitive threats comes from Togo’s Lomé Container Terminal (LCT), which has emerged as a strong rival to Tema Port. Lomé is the only deepwater port in West Africa capable of handling ultra-large container vessels (ULCVs), giving it a strategic edge in attracting major shipping lines, including MSC and Maersk. In contrast, Ghana’s Tema Port, despite its expansion, still faces berthing limitations and lacks the same level of transhipment capacity.
If Ghana does not accelerate its port modernization and 24-hour operational model, it risks losing a significant share of transit trade from landlocked countries like Burkina Faso, Mali, and Niger—a market that Togo is aggressively capturing.
Côte d’Ivoire presents another challenge with its massive expansion of the Port of Abidjan. The country has invested heavily in new container terminals, automation, and a modern logistics corridor, making it a preferred maritime gateway for Francophone West Africa.
Ghana must respond by further digitizing its port operations, reducing bureaucratic delays, and improving road and rail connectivity between its ports and neighboring countries. Efficient hinterland logistics will determine whether Tema and Takoradi can maintain their regional dominance or fall behind to competitors offering faster and cheaper cargo processing.
Beyond economic competition, Ghana’s maritime industry also faces emerging security threats, particularly in the wake of Togo’s growing ties to the Sahel region. The Sahel, which has become a hotspot for terrorist activities, illicit trade, and extremist networks, presents a serious risk to West African coastal nations.
Togo’s increasing security engagements with Sahel-based military alliances raise concerns about potential instability spilling over into the Gulf of Guinea, affecting Ghana’s coastal security and maritime trade routes. Piracy in the Gulf of Guinea remains another pressing concern.
Although Ghana has not experienced high-profile pirate attacks like Nigeria, the region has seen a rise in hijackings, illegal fishing, and smuggling operations, which can disrupt shipping schedules, increase insurance costs for vessels, and deter foreign investments in port infrastructure.
To counter these risks, Ghana must strengthen its naval defenses, invest in coastal surveillance technology, and enhance regional security collaborations with Nigeria, Côte d’Ivoire, and the Gulf of Guinea Commission.
A secure, well-policed maritime corridor will not only attract more shipping lines but also increase investor confidence in Ghana’s port sector. The government should consider establishing a Maritime Security Task Force, integrating the Ghana Navy, the Ghana Maritime Authority (GMA), the National Security Ministry, and private sector stakeholders to ensure 24-hour monitoring of Ghana’s coastal waters.
Furthermore, leveraging AI-driven security systems, satellite tracking, and unmanned aerial vehicles (UAVs) can significantly enhance maritime domain awareness and prevent illegal activities before they escalate.
In addition to security, regional trade partnerships and diplomatic negotiations will play a crucial role in ensuring Ghana remains competitive. Establishing bilateral agreements with landlocked nations like Burkina Faso, Mali, and Niger can secure their commitment to using Tema and Takoradi as their primary import/export gateways, rather than shifting their trade to Lomé or Abidjan.
Ghana should also push for greater integration under the African Continental Free Trade Area (AfCFTA), positioning itself as the leading maritime logistics hub for intra-African trade. To maintain its regional dominance, Ghana must act swiftly.
Strengthening port security, modernizing logistics infrastructure, and forging strategic trade partnerships will ensure that Tema and Takoradi ports do not lose market share to rising competitors.
Socio-economic and cultural impacts of a 24-hour port economy
The transition to a 24-hour port economy in Ghana will have profound socio-economic and cultural implications, impacting everything from job creation and trade expansion to lifestyle changes and community development.
While the economic benefits of a fully operational maritime sector are undeniable, there are also significant social and cultural shifts that Ghana must prepare for to ensure that the transition is inclusive, sustainable, and beneficial for all stakeholders.
- Economic growth and job creation – One of the most immediate benefits of a 24-hour port system is the exponential growth in employment opportunities. The maritime and logistics sectors already provide thousands of direct and indirect jobs in Ghana, but a continuous operational framework would significantly expand the labor market. Round-the-clock port activities would require a larger workforce in cargo handling, logistics, customs processing, security, and port management. New job roles would emerge in areas such as automated port technology operations, cybersecurity for maritime logistics, and AI-driven shipping analytics.
Moreover, the growth of auxiliary businesses around the ports—such as trucking services, warehousing, ship repair facilities, and logistics hubs—would create thousands of additional jobs in sectors like transportation, maintenance, and retail trade.
With the right vocational training programs and skills development initiatives, Ghana’s youth can benefit significantly from the expanding maritime industry, reducing unemployment rates and fostering economic resilience.
- Boosting trade, industrialization, and revenue generation – A 24-hour port economy would position Ghana as a leading trade and logistics hub in West Africa, increasing the country’s capacity to handle larger cargo volumes, process shipments more efficiently, and attract foreign direct investment (FDI). With reduced turnaround times for vessels, Ghana can become the preferred gateway for regional and international trade, drawing business away from competing ports in Lomé and Abidjan.
Additionally, modernized shipbuilding and ship repair services at Tema Shipyard—financed through initiatives like the ADCB’s US$9 billion maritime stimulus fund—could reduce Ghana’s dependence on foreign ship repair facilities and establish the country as a regional leader in vessel maintenance and tugboat construction. This would not only diversify revenue streams but also strengthen Ghana’s industrial base, attracting further investments into the shipbuilding and maritime technology sectors.
- Improved living standards and urban development – The socio-economic impact of a 24-hour maritime industry will extend beyond the ports, influencing the broader urban landscape and living conditions of coastal communities. The growth of port-centered economic zones would lead to increased demand for housing, healthcare, education, and commercial services, driving urban renewal and infrastructure upgrades in cities like Tema, Takoradi, and surrounding areas.
However, with rapid industrial growth comes the challenge of environmental sustainability. Increased port activity means higher carbon emissions, noise pollution, and potential ecological risks.
To mitigate these challenges, Ghana must implement green port initiatives, including shore power systems to reduce fuel emissions from docked ships, waste management policies, and environmental monitoring programs. Sustainable port development will ensure that economic gains do not come at the expense of Ghana’s coastal environment and local fishing communities.
- Cultural and social adaptations – Shifting to a 24-hour economy will require significant cultural adjustments, particularly in Ghana’s work culture, labor policies, and community dynamics.
- Traditionally, port operations in Ghana have followed daytime schedules, with limited night shifts. Transitioning to continuous operations would require restructuring labor laws to accommodate night shifts, ensuring fair wages, and implementing workplace safety measures for employees working non-traditional hours.
Additionally, the expansion of port-related activities may lead to changes in local community lifestyles, especially in fishing villages and coastal towns.
Increased industrial activity could disrupt traditional fishing practices, requiring the government to implement compensatory policies for affected fishing communities while introducing alternative livelihood programs in the maritime and logistics sectors.
Furthermore, the rise of a 24-hour trade ecosystem will necessitate improvements in public transportation, security, and emergency services to accommodate workers commuting at night.
Singapore’s port cities, for example, have successfully adapted to round-the-clock operations by expanding night-time public transport systems, increasing police patrols in industrial areas, and introducing flexible work policies. Ghana must take similar steps to ensure the safety and well-being of its workforce as the maritime sector undergoes transformation.
The bigger picture – Ghana’s global maritime position
In the long run, embracing a 24-hour port economy will elevate Ghana’s status in global maritime trade and accelerate its integration into international supply chains. With enhanced port efficiency, security, and competitiveness, Ghana could emerge as a preferred maritime partner for global shipping alliances, logistics companies, and e-commerce giants.
This transformation aligns with the African Continental Free Trade Area (AfCFTA) vision, allowing Ghana to serve as a key maritime gateway for intra-African trade and global commerce.
However, the transition must be carefully managed to balance economic growth with social equity and environmental sustainability. In implementing strategic policies, investing in human capital, and embracing sustainable maritime practices, Ghana can create a thriving 24-hour maritime economy that benefits both present and future generations.
Conclusion
Ghana stands at a critical crossroads in its maritime and economic transformation. The shift to a 24-hour port economy is not merely a policy decision—it is an urgent strategic imperative that will determine the country’s trade competitiveness, industrial growth, and regional dominance over the next two decades.
The experiences of Singapore, Rotterdam, and Dubai have demonstrated that ports are not just transportation hubs but economic engines that drive wealth creation, job expansion, and technological innovation.
Ghana has all the necessary ingredients—a 539-kilometer coastline, a strategic location along the Gulf of Guinea, and one of the largest shipyards in West Africa—to become a global maritime powerhouse. However, bold leadership, targeted investments, and swift execution will be required to make this vision a reality.
The government must take immediate steps to accelerate the transition to a 24-hour port economy. This begins with modernizing Tema and Takoradi ports through automation, deepwater terminal expansion, and smart logistics integration.
Ghana must adopt fully digital customs clearance systems, reduce bureaucratic delays, and implement AI-driven shipping analytics to enhance cargo processing speeds.
Moreover, investing in shipbuilding and repair infrastructure at Tema Shipyard, with financing from institutions like the African Diaspora Central Bank (ADCB), will unlock new industrial opportunities, positioning Ghana as a leader in regional vessel construction and maintenance.
Alternative financing mechanisms such as the Eco-6 Stimulus Fund, BADEA, Islamic Development Bank, and Gulf-based sovereign wealth funds must be leveraged to fund critical port infrastructure projects without over-reliance on the IMF and World Bank.
Ghana should proactively negotiate with these financial institutions to secure zero-interest loans, public-private partnerships (PPPs), and equity-based investments that will sustainably support port development.
Additionally, foreign direct investment (FDI) incentives should be introduced to attract logistics giants, transhipment companies, and maritime tech firms to set up operations in Ghana’s emerging Special Economic Zones (SEZs) and Free Trade Zones (FTZs). At the same time, security concerns in the Gulf of Guinea must be addressed as part of Ghana’s maritime transformation agenda.
The government must invest in coastal surveillance technology, increase naval patrols, and strengthen intelligence-sharing with regional allies to curb piracy, illegal fishing, and smuggling operations.
Additionally, the potential spillover of security risks from Togo’s growing ties to the Sahel must be monitored closely, with strategic defensive and diplomatic measures put in place to protect Ghana’s coastal trade routes.
On the social and economic front, transitioning to a 24-hour port system will require Ghana to revamp its labor policies, implement worker protection laws, and ensure fair wages for night-shift employees. Expanding vocational training programs in maritime technology, logistics, and automation will be crucial to developing a workforce capable of managing modern port operations.
Equally important is ensuring that coastal communities benefit from Ghana’s maritime expansion, whether through job creation, environmental safeguards, or alternative economic opportunities. Ghana cannot afford to delay or hesitate in implementing this transformation.
The global shipping industry is evolving rapidly, and West African competitors such as Togo, Côte d’Ivoire, and Nigeria are making aggressive moves to capture transit trade and transshipment business. If Ghana does not act decisively, it risks being outpaced and overshadowed by neighboring ports offering faster, cheaper, and more efficient services.
The call to action is clear: Ghana’s government, private sector, financial institutions, and international partners must unite behind a shared vision for a 24-hour maritime economy.
This is not just about port expansion—it is about creating a legacy of economic resilience, technological advancement, and global trade leadership for the next generation. With bold investments, strategic reforms, and unwavering commitment,
Ghana has the power to reshape its maritime destiny and emerge as the leading shipping hub in West Africa. The time to act is now.
>>>the writer is a Maritime & Port Expert | Artificial Consultant for AiAfrica Project| Senior Fellow, Center for International Maritime Affairs. He can be reached via [email protected]
