Traders displaced from the old Takoradi Market have put forward an eight-point counter proposal on how the stalled Market Circle Redevelopment Project should be financed.
They want the government to complete the market first and recover its money from the traders over time.
The proposal is in a letter dated September 24, 2026, addressed to the Minister for Local Government, Chieftaincy and Religious Affairs, Mahama Ayariga.
It follows the Minister’s September 22 visit to the project site. Mr Ayariga said government is considering a model in which the project’s roughly 4,000 trading spaces would be rented out, with the payments from prospective traders used to complete the market.
The contractor, Contracta Costruzioni Italia S.R.L., said work could resume within a month. Government has so far committed €41.7 million to the project, which is 62 percent complete.
The traders say they accept the need for a sustainable financing mechanism. But they warn that a heavy upfront payment could be beyond their means after years of reduced trading.
The eight proposals
1. Bring the contractor back. Government should urgently secure the funds to return the contractor to site and finish the outstanding works.
2. No full upfront payment. Traders should not have to pay the entire cost of their stores before occupation. Government should set a reasonable, affordable initial commitment fee or percentage, based on traders’ financial circumstances.
3. Occupy on initial payment. Traders who pay the agreed initial amount should take possession and start trading once the relevant sections are completed and certified for occupation.
4. Instalment payments. The balance should be recovered through affordable monthly, quarterly or other mutually agreed instalments over a reasonable period.
5. Bank financing. Government should consider a structured arrangement with participating commercial banks or other credible financial institutions. These could offer facilities to qualifying traders, with repayment spread over an agreed period. Government and the Sekondi-Takoradi Metropolitan Assembly (STMA) could facilitate the process while keeping it transparent and fair.
6. Advance rental. Instead of a large lump sum, traders could make an agreed advance rental payment, with the proceeds transparently applied to completing the project. The traders say this is in line with the approach government itself has been considering.
7. Market Completion Account. A dedicated, transparent account should be set up. Money collected from traders, rents, financing arrangements and other approved sources would go through it, linked specifically to completing the market.
8. Published timetable and financial framework. Government should publish a clear completion timetable and financial framework. Traders want clarity on:
i. The outstanding works
ii. The estimated cost to complete them
iii. The proposed financing structure
iv. When construction will resume
v. The expected completion date
vi. How stores will be allocated
vii. The payment schedule for traders
Self-financing asset
The traders argue that their plan also serves government. They say a completed, busy market would generate more rents and other revenue for government and the Assembly. In their words, it could become a self-financing economic asset rather than a financial burden, and government need not recover every cost before traders start trading.
They say they are not asking for the stores for free.
“We want to pay what is reasonably required of us,” the letter states, but they need an arrangement that lets them “survive, trade and rebuild.”
The traders also asked for an urgent stakeholder meeting with the relevant authorities to discuss the payment structure openly and reach a mutually acceptable solution. They say they are ready to work with government, the Ministry, STMA, financial institutions and contractors.
By Abraham Mensah
