Kejetia, Takoradi Market costs rise to €305m as work resumes
Minister for Local Government, Chieftaincy and Religious Affairs, Ahmed Ibrahim, has revealed that the cost of the stalled Kumasi Central Market Phase Two project has risen to over €305 million due to mounting suspension claims, as the government moves to complete the delayed development.
Speaking at a press conference in Accra on Wednesday, May 6, the Minister attributed the escalating cost and delays on both the Kejetia Phase Two and Takoradi Market Circle projects to unpaid interim payment certificates and contractor demobilisation in 2024.
He disclosed that the Kumasi project was just over 58% complete at the time of suspension, with more than €27 million in certified payments still outstanding, while suspension-related claims have significantly increased the total cost.
On the Takoradi Market Circle redevelopment, Ahmed Ibrahim said the project had reached over 81% completion but still has an outstanding balance exceeding €6 million.
The Minister warned that the delays have led to congestion, unsafe trading conditions, loss of livelihoods for traders, and slowed economic activity in the two key commercial centres.
He, however, assured that the government is taking urgent steps to secure funding, re-engage contractors, and fast-track construction to completion.
Ahmed Ibrahim stressed that completing the projects remains a priority, given their role in boosting local economies, creating jobs, and restoring safe and dignified trading spaces for thousands of traders.
