The Minister for Local Government, Chieftaincy and Religious Affairs, Ahmed Ibrahim, has revealed that the cost of completing the stalled Kumasi Central Market Phase Two project has surged to over €305 million, as government moves to resume and finalize the long-delayed development.
Speaking at a press conference in Accra on Wednesday, May 6, 2026, the Minister attributed the significant cost escalation to a combination of suspension-related claims, unpaid contractor certificates, and the demobilisation of contractors in 2024.
According to him, the Kumasi Central Market Phase Two project — widely known as the Kejetia Market redevelopment — was approximately 58 percent complete at the time construction was halted.
He disclosed that over €27 million in certified payments remained unsettled, a situation that triggered additional claims from contractors and contributed to the ballooning project cost.
“The delay has not only increased the financial burden on the state but also disrupted economic activity in one of Ghana’s busiest commercial hubs,” the Minister noted.
Providing further updates, Mr. Ibrahim indicated that the Takoradi Market Circle project is currently over 81 percent complete. However, it also faces financial constraints, with outstanding payments exceeding €6 million.
He emphasized that delays in both projects have had far-reaching consequences, including severe congestion, unsafe trading conditions, reduced incomes for traders, and a general slowdown in local economic activity in Kumasi and Takoradi.
Despite the setbacks, the Minister assured the public that government is actively working to secure the necessary funding to resume construction. He added that efforts are underway to re-engage contractors and accelerate work on both sites.
Mr. Ibrahim stressed that completing the projects remains a top priority due to their strategic importance in enhancing urban trade infrastructure.
“These markets are critical to supporting local businesses, creating employment opportunities, and providing safer, more modern trading environments for thousands of traders,” he said.
The Kumasi Central Market redevelopment project is one of the largest market infrastructure projects in West Africa and is expected to significantly improve trading conditions in the Ashanti Region.
Similarly, the Takoradi Market Circle redevelopment is aimed at transforming trading activities in the Western Region into a more organized and efficient system.
Once completed, both projects are expected to boost commerce, improve livelihoods, and contribute meaningfully to Ghana’s broader economic development.
By Joseph Armstrong Gold-Alorgbey
