The project aims to position Ghana as a trans-shipment hub in West Africa.

The first phase will involve the construction of a 600-metre quay wall with pavement alongside it, and the dredging besides it from 14 metres to 16 metres deep.

The 475-million dollar project is a joint venture between Ibistek, an indigenous company and the Ghana Ports and Harbours Authority (GHPA) under a concession agreement signed between the two in 2017.

Royal Haskoning DHV is providing the technical advice and support in relation to all aspects of the project, which includes the management of all procurement processes for the Engineering, Procurement and Construction contract.

It is also supporting all the necessary environmental assessment and plans for the project.

Mr. Kwame Gyan, Chairman, Ibistek, hailed the commencement of the project, saying it was the first time a local company was undertaking a project of this magnitude, a proof that local companies were ready to play a major role in the country's development.

"This is the first time the locals are building and operating a deep sea port and we think that the capacity we have developed from project inception through execution shows our capability. Down the road we will end up in the West African sub region," he said.

Mr Gyan said "We are happy we have all joined hands to witness the casting of the first block for this milestone project. This means a lot for this port of Takoradi, the Western Region and the Republic of Ghana, container numbers will be boosted, employment will be boosted, and revenue will be boosted.

"There will be cash in the pocket of those who live in this corridor, transit trade will be boosted and Ghana's economy will be boosted so we are extremely privileged to be part of this," he said.

He said phase one of the project which would cost 200million dollars was expected to completed in two years.

He said AFC Nigeria-based Multilateral was providing the debt component of the finance while Ibistek would make available the equity.

 "This port will be ready with all the facilities of a first class and then we continue from phase two to extend the key length from 600 meters to 1, 495 metres so we are in it for the long haul. we know that by the grace of God we will get there," he said.

Captain Ebenezer Kojo Afadzi, Director, Takoradi Port, said "with the coming in of this container multipurpose terminal, with the depth of 16 metres, we hope that we will be able to get to about 200,000 the first year and hope I will be able to compete with other ports in West Africa".

"We have given the Ghanaian the chance, let's all support them to deliver, this what port of Takoradi will do, we will support them to deliver," he said.

Ivar Schols, Project Supervisor, Haskoning DHV, said the project would be completed on schedule.