Establish $2billion market infrastructure development fund – Alan to government

After witnessing the recent fire devastation at the Kantamanto Market, Alan Kyerematen, leader of the Movement for Change and a prominent advocate of economic transformation, has called on government to establish a 2-billion-dollar Market Infrastructure Development Fund.

He said the fund would serve as a sustainable solution to financing the development of modern market infrastructure across the country to revitalize commerce and distributive trade.

The recommendation aligns with advice Mr. Kyerematen had previously offered to President John Mahama during a call in his office as the President-Elect.

He suggested that the proposed fund should be seeded with an initial capitalization of GHS 500 million and supplemented with contributions from the corporate private sector.

To encourage their participation, he proposed that donations to the fund should be tax-deductible, making it financially advantageous for businesses to support the initiative.

“The corporate private sector either directly or indirectly benefits from market operations or must play an active role in building resilient infrastructure to sustain it,” he stated.

Mr. Kyerematen highlighted the broader economic benefits of modernized markets, particularly their role in controlling inflation as vibrant retail market activities stabilized prices by improving the distribution of goods, essential to ensuring the affordability of essential products.

He emphasized that market modernization was not just a commercial necessity, but an economic imperative for improving livelihoods and national development.

He proposed that Metropolitan, Municipal, and District Assemblies (MMDAs) should allocate a fixed percentage of their market toll revenues to the fund to ensure consistent financial inflows to support the establishment of modern market facilities in all 260 districts.

Such infrastructure, he noted, would create safer and more efficient trading environments, protecting both lives and property while enhancing economic productivity.

On the potential impact, Mr. Kyerematen described the fund as a mechanism for stimulating small businesses and creating wealth as modern markets would offer improved facilities for traders and expand economic opportunities for small-scale entrepreneurs and reduce unemployment.

He said outcomes would strengthen domestic trade and form the foundation for broader economic transformation.

Mr. Kyerematen reminded stakeholders to adopt proactive measures to prevent such disasters and stressed that his proposed solution would safeguard against future tragedies and position Ghana's markets as hubs of innovation and growth.

“We owe it to the traders and the entire economy to build market infrastructure that is not only modern but also safe and sustainable,” he said.

Mr. Kyerematen's proposal resonates with his Great Transformational Plan (GTP), which prioritizes economic stability and infrastructure development.

GNA