The government says it is taking urgent steps to revive and complete the stalled Kumasi Central Market Phase II and Takoradi Market Circle redevelopment projects, describing them as critical to Ghana’s economic transformation.
Minister for Local Government, Chieftaincy and Religious Affairs, Ahmed Ibrahim, says the projects, though significantly advanced, were halted in 2024 due to financial constraints, particularly the non-payment of Interim Payment Certificates (IPCs) and the impact of Ghana’s debt restructuring programme.
“These are not just infrastructure projects; they are strategic national investments aimed at transforming urban commerce and improving livelihoods,” he stressed.
At the time of suspension, the Takoradi Market project was 81.62 per cent complete, while Kumasi’s Kejetia Phase II stood at 58.22 per cent.
According to the Minister, the delays led to contractor demobilisation and the accumulation of substantial suspension claims, further inflating project costs and slowing progress.
The halt in construction has had a ripple effect on local economies in both cities, creating congestion and unsafe trading conditions, loss of income for traders and small businesses, underutilisation of public investment, and slower economic activity in key commercial hubs.
“These markets support thousands of traders, artisans, and transport operators. Their delay has real consequences,” the Minister noted.
Breakdown: Kumasi Kejetia Phase II
The Kumasi Central Market redevelopment is one of the largest market projects in West Africa, which was initiated following the success of Phase I, completed in 2014.
- Contract sum: €248 million
- Work completed: 58.22%
- Amount paid: €171 million
- Outstanding payments: €27.4 million
- Suspension claims: €57.3 million
This brings the revised project cost to over €305 million.
Takoradi Market nearing completion before halt
The Takoradi Market project, launched in 2020, was closer to completion before work stopped.
- Contract sum: €48 million
- Work completed: 81.62%
- Amount paid: €41.8 million
- Outstanding balance: €6.1 million
Despite the setbacks, the government insists it remains committed to completing both projects.
The Ministry says it is working with the Finance Ministry and other stakeholders to:
- Secure funding to resume construction
- Re-engage contractors on-site
- Strengthen project monitoring
- Engage traders and local authorities for smoother implementation
Once completed, the projects are expected to:
- Boost local and regional economies
- Increase revenue for assemblies
- Create jobs and support the 24-hour economy policy
- Improve safety and dignity for traders
The Local Government Minister emphasised that finishing the projects is critical to protecting public investment and restoring economic activity.
“Completing these projects is not an option; it is a necessity,” he said.
He also assured traders in Kumasi and Takoradi that the government is working to deliver modern, safe, and fully functional market spaces within the shortest possible time.
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DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.