ARM-Harith Infrastructure Investment Limited is pleased to announce the successful financial close of Project Shiprite, a landmark maritime infrastructure investment at the Port of Takoradi in Ghana representing a transformative step in strengthening West Africa’s maritime capabilities.
Developed under a 25-year concession granted by the Ghana Ports and Harbours Authority, the project will deliver a world-class floating drydock ship repair facility which includes a 13,500-tonne lift-capacity floating drydock, a 200-metre jetty, and a modern workshop infrastructure capable of providing a full suite of maintenance and repair services to vessels operating across the Gulf of Guinea.
For decades, vessels operating in West African waters have depended on shipyards in Europe and Asia for critical maintenance, resulting in significant downtime, higher operating costs, and capital flight from the region. Project Shiprite addresses this long standing gap by delivering high-quality, locally available repair services, improving efficiency for shipping operators while retaining economic value within the continent.
ARM-Harith has played a pivotal role in bringing this project to life, acting as a committed equity investor from the early development stages through to financial close. Working closely with project sponsors, technical partners, and a strong consortium of lenders, ARM-Harith has helped structure and deliver a bankable, high-impact infrastructure solution. The project is backed by $137 million in total capital, including a $94 million syndicated senior debt facility led by Afreximbank alongside the African Development Bank, Eastern &
Southern Africa Trade and Development Bank (TDB), and Petra Pension Schemes — underscoring strong institutional confidence in both the asset and the broader investment thesis.
Rachel Moré-Oshodi, Managing Director and CEO of ARM-Harith said, “As a long-term partner in the development and structuring of Shiprite, we have seen the project evolve from a bold idea into a bankable infrastructure platform with the potential to serve Ghana and the wider Gulf of Guinea. That kind of progress takes time, discipline, persistence, and partners who believe in the strategic importance of what is being built. For us, Shiprite reflects exactly that, and why ARM-Harith exists. We are proud to have played a central
role in bringing the project to this stage, and we look forward to continuing working with Prime Meridian Docks, GPHA, and the broader financing consortium as the project advances.”
Stanley R. K. Ahorlu, the Lead Sponsor and CEO of Prime Meridian Docks said, “Achieving financial close marks a significant milestone in the delivery of Project Shiprite and our vision to establish a world-class ship repair and maintenance facility at the Port of Takoradi. We are pleased to be working alongside ARM-Harith and our financing partners to bring this strategic infrastructure asset to life. Beyond strengthening West Africa’s maritime capabilities, the project will create local employment, support businesses in Ghana’s Western Region, and deliver meaningful environmental benefits through improved vessel operating efficiency and reduced emissions. We look forward to the facility’s contribution to Ghana’s industrial development and the wider regional maritime economy.”
Beyond its commercial value, once fully operational Project Shiprite is expected to deliver meaningful impact:
- Up to 430 direct jobs over the concession period, predominantly for local talent, 30% of which are expected to be taken up by women.,
- ~10% of revenues directed to local subcontractors, supporting the Western Region economy,
- Fuel savings of approximately 704 metric tonnes per vessel rotation translating to an estimated 28,200 metric tonnes annually for 40 serviced vessels, and
- ~2.2 million MT reduction in CO₂ emissions over the project’s life.
Project Shiprite reflects ARM-Harith’s continued commitment to investing in infrastructure that delivers both strong financial returns and tangible developmental outcomes. It is proof that patient, structured private capital deployed in the right African infrastructure can generate strong returns while building the foundations for a more connected and self sufficient continent.
About ARM-Harith Infrastructure Investment Limited
ARM-Harith Infrastructure Investment Limited is a leading African infrastructure fund manager with over 90 years of combined investment experience across the continent. The firm specializes in equity investment across energy, transport & logistics, digital, waste and water infrastructure, with a strong focus on sustainability, operational excellence, and long-term value creation. ARM-Harith has been at the forefront of successful mobilization of domestic institutional capital, particularly Nigerian pension funds, into African infrastructure equity for over a decade, and its portfolio has included landmark transactions in power
generation and transport.
For media enquiries and investor relations,
please contact: ARM-Harith Infrastructure Investment Limited
[ir@armharith.com]
