The Ghanaian government is moving to restart two major market construction projects. These are the Kumasi Central Market Phase II and the Takoradi Market Circle redevelopment. Both projects stopped in 2024 due to financial problems. The government considers them crucial for Ghana’s economic progress.
The halt was caused by unpaid bills to contractors. This is known as Interim Payment Certificates. Ghana’s recent debt restructuring also played a role. Minister for Local Government Ahmed Ibrahim stated these projects are strategic national investments. They aim to improve city commerce and people’s lives. The Takoradi Market project was 81.62% finished. Kumasi's Kejetia Phase II was 58.22% complete.
The delays have hurt local economies in both cities. Traders face congestion and unsafe conditions. Small businesses have lost income. Public investments are not being fully used. Economic activity in these key commercial areas has slowed. These markets are essential for thousands of traders. They also support artisans and transport workers. Their unfinished state has real negative consequences.
The Kumasi Central Market redevelopment is one of West Africa’s biggest. Phase I finished in 2014. Phase II had an original contract sum of €248 million. About €171 million has been paid so far. There are still €27.4 million in outstanding payments. Contractors also claim €57.3 million in suspension costs. This pushes the revised project cost to over €305 million. The Takoradi Market project started in 2020. Its contract was €48 million. Developers had completed 81.62% of the work. They had paid €41.8 million. An amount of €6.1 million remains outstanding.
The Ministry is working with the Finance Ministry. They are trying to find money to restart building. They will also talk to the contractors. Project supervision will be strengthened. Traders and local leaders will be involved. This will help make the work smoother. Completing these projects is important to protect public money. It will also restart economic activity.
Once finished, the projects should boost local economies. They will increase money for local governments. New jobs will be created. This aligns with the goal of a 24-hour economy. Safety and dignity for traders will also improve. Minister Ibrahim assured traders that safe and functional market spaces are coming soon. He called finishing these projects a necessity.