Kumasi Central market costs balloon to over €305 million
What was once a flagship urban renewal initiative has turned into a growing financial burden, with the tab for completing the long-delayed Kumasi Central Market Phase Two redevelopment now exceeding €305 million, according to the country’s Local Government Minister.
Ahmed Ibrahim, who oversees the Ministry of Local Government, Chieftaincy and Religious Affairs, made the disclosure at a Wednesday press briefing in Accra, pinning much of the blame for the ballooning figure on penalties and claims that have accumulated since construction ground to a halt.
The Minister traced the root of the problem to 2024, when contractors on both the Kumasi Central Market and the Takoradi Market Circle projects were stood down after the government fell behind on payments.
In Kumasi’s case, builders had crossed the 58 per cent mark when work was suspended, yet more than €27 million in certified and approved payment certificates had gone unsettled.
The prolonged standoff has since triggered a wave of suspension-related claims that have sent the project’s total price tag soaring.
The situation in Takoradi tells a similar story. That redevelopment had advanced beyond 81 per cent completion before it too stalled, and contractors there are still owed upwards of €6 million in outstanding payments.
Beyond the financial toll, Ahmed Ibrahim cautioned that the human and economic consequences are already being felt on the ground.
Traders at both sites are contending with overcrowding, deteriorating and hazardous conditions, and dwindling income — while broader commercial activity in two of Ghana’s most important trading hubs continues to suffer the longer the projects remain in limbo.
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