KMA Sourcing Funding To Complete New Tafo Market

Stories from Sebastian R. Freiku
The management of the Kumasi Metropolitan Assembly (KMA) is making frantic moves to get financiers for the completion of the New Tafo (Krofrom) Market.

According to the Metropolitan Chief Executive, Osei Assibey Antwi, management has applied to the Ministries of Finance and Economic Planning and Local Government and Rural Development, through the Ashanti Regional Coordinating Council, to source funding from the private sector for the completion of the then GH¢15 million project.

The project, another quality and first-class landmark, estimated to cost GH¢15,001,023.41, has stalled due to the irregular flow of funds.

Tenders for the project, which is a Jubilee Project, is being undertaken by the Regional Coordinating Council, in conjunction with the Kumasi Metropolitan Assembly (KMA), to increase retail space in the metropolis, were opened in September 2008, and eight contractors were awarded the contract and paid a total of GH¢1,014,558.02 as at November 2008, as 20 percent mobilisation fee of the contract sum, after about 1,900 traders and 20 transport operators had been displaced.

The contractors are Messrs Sir Bans Designs and Building Company Limited, Orabek Ghana Limited, A. BEK Limited, Joevid Company Limited, Messrs Attachy Construction, E. Owusu Mensah & Company, Messrs. Stanbay Limited, and Messrs. Jinas Construction Limited.

Official contract documents sighted by Ashanti File mentioned the contractors as Messrs. Sir Bans Designs and Building Company Limited (GH¢96,862.96), Orabek Ghana Limited (GH¢96,890.30), A. BEK Limited (GH¢96,918.80), Joevid Company Limited (GH98, 332.96) and Messrs Attachy Construction (GH¢226,946).

The rest are Messrs. E. Owusu Mensah & Company (GH¢149,817.31), Messrs. Stanbay Limited (GH¢113,742.59), and Messrs. Jinas Construction Limited (GH¢135,047.28).

The project, situated on a 12-acre plot of land, comprising 72 open market stalls, each containing 32 individual stalls, totaling 2,304 single stalls, with paved walkways and driveways in between the sheds, three shopping blocks which contain anchor spaces for banks, shops, retail outlets, leisure/administrative centre, warehouse, offices, clinic, pharmacies, as well as police/fire station, car park, market stalls, auxiliary floors, offices, day care centre, refuse collection sites and toilet facilities.

The first phase of the project, which includes the construction of washrooms, cold store, bulk breaking point, food court, fire and police posts on the ground floor, was expected to be completed by March 2010.

Since last year, the KMA moved to woo a financial institution to partner it raise funds for the completion of the remaining works on the New Tafo (Krofrom) Market.

The Mayor told the Second Ordinary Meeting of the Third Session of the 7th Assembly of the KMA last week Thursday, that there are several prospective investors waiting to get involved in the completion of the project.

The KMA, according to the Metropolitan Chief Executive, Osei Assibey Antwi, intends to invite private participation under a Private Public Partnership to source funding to ensure its early completion, since the project is viable and self-financing.

Mayor Osei Assibey Antwi also mentioned that the KMA has contracted Fidelity Bank to collect revenue on behalf of the Assembly from the Central Market on a pilot basis for six months.

Under a Memorandum of Understanding, Fidelity Bank will use modern technology and ICT system to collect revenue.

Dubbed “Integrated Revenue Collection and Management Solution (IRCMS), the contract provides that revenue sharing shall be 70% for KMA and 30% for Fidelity Bank, based on the daily gross revenue collected.