Takoradi Traders Question GH¢200 Million Allocation for Market Circle Redevelopment

Traders at the Takoradi Market Circle have expressed concern over the GH¢200 million allocated by the government in the 2027 Budget for the completion of the long-delayed market redevelopment project, questioning whether the amount will be sufficient to bring the facility to completion.

The concerns follow the presentation of the 2027 Budget Statement by Finance Minister Dr Cassiel Ato Forson on Thursday, November 12, 2026, in which he announced the allocation as part of the government’s spending plans for local governance, chieftaincy and religious affairs.

Although the allocation has raised hopes that construction could resume, some traders remain uncertain about whether the funding will be enough to resolve the outstanding financial challenges and deliver the project.

Their concerns were highlighted in a TV3 report published on Friday, November 13, as traders called for the government to provide clarity on how the redevelopment would be financed and when they could finally return to the modern market facility.

The GH¢200 million allocation is considerably lower than the GH¢685 million earmarked for each of the New Agbogbloshie Market in Accra and the Kejetia Market Phase Two project in Kumasi.

The Takoradi Market Circle redevelopment has remained stalled for several years after construction began in April 2020. The project, awarded to Italian construction company Contracta Costruzioni Italia S.R.L., was initially expected to transform the commercial centre into a modern trading facility.

However, financing difficulties and Ghana’s debt restructuring programme affected the project’s original funding arrangements, resulting in prolonged delays.

In September 2026, Local Government Minister Mahama Ayariga disclosed that government was exploring alternative financing options, including collecting advance rental payments from prospective occupants to raise funds for the remaining construction works.

However, traders rejected the proposal, insisting that the government should complete the facility before demanding payments for the shops.

The contractor had indicated that the project was approximately 62 per cent complete and could resume within a month, subject to the resolution of outstanding issues.

Despite the latest budgetary allocation, questions remain about the total amount required to complete the project, the final financing arrangement and the expected completion date.

For the affected traders, the priority is to see construction resume and the market completed after years of uncertainty and business difficulties.

They are hoping the government will provide sufficient funding and a clear implementation timetable to ensure that the redevelopment project is finally delivered.

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