Takoradi traders say GH¢200m allocation for Market Circle redevelopment inadequate 

Traders at Takoradi Market have expressed doubts about whether the GH¢200 million allocated in the 2027 Budget will be sufficient to complete the long-delayed Market Circle redevelopment project.

In a report published on Friday, November 13, TV3 said traders were concerned about the adequacy of the proposed funding as they continued to wait for the government's commitment to redevelop the market to be fulfilled.

Finance Minister Dr Cassiel Ato Forson announced the GH¢200 million allocation during his presentation of the 2027 Budget Statement to Parliament on Thursday, November 12.

The amount forms part of the GH¢17.6 billion budgeted for local governance, chieftaincy and religious affairs.

However, the allocation for Takoradi is considerably lower than the GH¢685 million earmarked for each of the New Agbogbloshie Market in Accra and the Kejetia Market Phase 2 project in Kumasi.

The Budget Statement also indicates that contractors are currently working on 208 of the 260 market projects awarded under the District Model Market Initiative.

The Takoradi Market Circle redevelopment has remained stalled for several years, prompting repeated calls from traders for the government to find a lasting solution to the project.

In September, traders rejected demands for upfront payments and instead proposed an eight-point financing arrangement under which the government would complete the market before recovering the cost over an agreed period.

The proposal was submitted to the Minister for Local Government, Chieftaincy and Religious Affairs, Mahama Ayariga, following his visit to the project site on September 22.

Meanwhile, the contractor, Contracta Costruzioni Italia S.R.L., had indicated that work could resume within a month, stating that the project was approximately 62% complete.

Mr Ayariga had also proposed renting out the market's estimated 4,000 trading spaces as a means of raising funds to complete the redevelopment.

Despite the latest budgetary allocation, questions remain about the overall cost of the project and when traders can expect to return to a fully redeveloped market.

The 2027 Budget does not specify the total amount required to complete the project, provide a definite completion date or explain how the trading spaces will be allocated and the amounts traders may be required to pay.