The security group is working with port operator Meridian Port Services (MPS) to provide an x-ray-based container screening system at the port.
In a statement on Monday, Westminster said it believed the shares had reacted to recent articles in the Ghanaian press on the state of negotiations between Meridian and the Ghana Ports and Harbours Authority (GPHA).
In September, the screening venture, Scanport Westminster, started to receive payments on account for work undertaken at Tema's Terminal 3 ahead of the formal signing of contracts.
In its statement today, Westminster said: “The company is pleased to note that the ongoing discussions between Meridian Port Services and the GPHA are reported to have made significant progress and are close to being finalised.
“The company will update the market further on this managed services contract once the contracts are signed.”
Tema's new container port (Terminal 3) is a US$1.5bn project being undertaken by MPS.
Westminster shares were up 16% to 12.52p on Monday morning.
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