The new Takoradi Market Circle
Six years after construction began, the much-anticipated redevelopment of the Takoradi Market Circle remains unfinished, leaving thousands of traders in uncertainty and raising fresh questions about the management, financing and political accountability surrounding one of the Western Region’s most important infrastructure projects.
Originally scheduled for completion in 2023, the €48 million redevelopment project has suffered prolonged interruptions, missed deadlines, mounting financial obligations and repeated government assurances.
Although successive administrations have promised to complete the facility, the latest developments suggest that the project is still facing significant financial and contractual challenges.
The situation has become particularly frustrating for traders who were displaced from the old market to temporary locations to make way for the redevelopment.
In September 2026, the government announced plans to explore an alternative financing arrangement, including the controversial proposal to collect advance rental payments from prospective occupants to raise money for the remaining construction works.
However, the proposal has already encountered resistance from affected traders, who insist that government must complete the facility before demanding additional payments from them.
So, what exactly has gone wrong with the Takoradi Market Circle project? How much has already been spent? How much more is required? And when can traders realistically expect to return to their permanent trading locations?
An examination of government statements, contractor disclosures and reports from affected traders provides a clearer picture of the controversy.
The redevelopment of the Takoradi Market Circle commenced in April 2020 under the administration of former President Nana Addo Dankwa Akufo-Addo.
The project was awarded to Italian construction company Contracta Costruzioni Italia S.R.L. at an estimated contract sum of €48 million, with an initial completion period of 36 months.
The redevelopment was intended to replace the old market structure, which dated back to the 1920s, with a modern commercial facility capable of supporting the growing economic activities of Sekondi-Takoradi.
The original completion target was 2023. However, construction was suspended following financial difficulties associated with the project’s funding arrangements and Ghana’s debt restructuring programme. The suspension left the facility incomplete and traders who had been relocated to temporary trading locations with no clear date for their return. The project was subsequently caught up in a broader national financing challenge that also affected the Kumasi Central Market redevelopment.
According to the Local Government Ministry, non-payment of Interim Payment Certificates (IPCs) contributed to contractors being demobilised from major market redevelopment projects. The suspension of construction also generated additional costs, further complicating the government’s efforts to complete the original contract.
One of the most important issues surrounding the Takoradi Market Circle redevelopment is the financial position of the project. The original contract sum was approximately €48 million. However, additional financial obligations have emerged following the prolonged suspension of construction.
In May 2026, the Minister for Local Government, Chieftaincy and Religious Affairs, Ahmed Ibrahim, disclosed that more than €41 million had been paid to contractors, with an outstanding balance of over €6 million on the original contract. He also reported that the project had achieved 81.62 per cent overall progress before its suspension.
A September 2026 report by 3News provided further details of the financial challenges. According to the report, government had committed approximately €41.7 million to the project, covering part of the original contract sum and accumulated suspension costs.
It further reported that the government’s failure to settle contractual obligations had generated €18.9 million in suspension costs, of which €7.13 million had been paid.
The Sekondi-Takoradi Metropolitan Assembly subsequently reported that government was pursuing a new financing arrangement to settle approximately €18 million owed to the contractor. These figures suggest that the financial obligations extend beyond the unpaid balance of the original €48 million contract.
What the published figures tell us
It is important to distinguish between the original contract balance, suspension claims and the total amount required to settle all outstanding obligations. The published figures do not provide a single reconciled financial statement showing exactly how much has been disbursed, certified, paid against suspension claims and remains necessary to complete the facility.
Consequently, the €18 million should not automatically be described as the total cost of completing the entire project. It is the outstanding amount cited by STMA as owed to the contractor. The government and the contractor need to publish a jointly verified financial breakdown to establish the exact completion budget.
The delay cannot be explained by a single factor. Available government and contractor statements point to a combination of financing difficulties, unpaid certificates, debt restructuring and additional contractual requirements.
The government has repeatedly linked the suspension of the market redevelopment to Ghana’s debt restructuring exercise.
In May 2026, Ahmed Ibrahim explained that non-payment of Interim Payment Certificates contributed to the suspension of construction activities. The financing arrangement involved an export credit facility from Deutsche Bank S.p.A. Italy, supported by the Italian export credit agency SACE.
However, Local Government Minister Mahama Ayariga disclosed in September 2026 that the outstanding loan amount under the original financing arrangement had been cancelled. This development forced government to explore alternative ways of financing the remaining works. The cancellation of the financing facility is particularly significant because it means the project cannot simply rely on the original funding arrangement to proceed.
Another major contributor to the delay is the accumulation of financial claims associated with the suspension of construction. The reported €18.9 million in suspension costs illustrates how prolonged interruptions can make infrastructure projects increasingly expensive. The original €48 million contract was intended to cover construction over 36 months.
But once the contractor was unable to continue work as scheduled, additional costs accumulated. This raises an important question about the financial consequences of delayed government payments. If suspension costs continue to increase, the amount required to complete the project could rise beyond the original budget.
The contractor has also proposed additional works and an expansion of the project. According to a September 22, 2026 report by 3News, Contracta is requesting an additional six months to expand Phase One by 1,200 trading spaces, bringing the proposed total market capacity to approximately 4,000 spaces.
The contractor is also seeking approval for a drainage system of about 1.5 kilometres connecting the market to the main receptacle at Mankessim White House. Contracta’s Technical Director, Reginald Longdon, explained that the drainage intervention was important to address the wider drainage challenge.
He indicated that the existing design had attempted to mitigate the problem, but the additional drainage works would be necessary to address it more comprehensively. These proposed changes introduce another layer of negotiations and potential costs.
While expanding the facility may provide additional commercial opportunities, government must establish whether the expansion is financially justified and whether it should delay the delivery of the original market.
The contractor has indicated its readiness to return to the project once the outstanding financing arrangements are resolved. In September 2026, Contracta Costruzioni Italia S.R.L. indicated that construction could resume within approximately one month, subject to the resolution of outstanding issues. The contractor’s position, as reported by 3News, is that the project is not yet complete and requires additional time and funding. Its Technical Director, Reginald Longdon, also raised concerns about drainage and proposed further intervention.
The company is seeking an extension of the construction period to accommodate additional trading spaces and the proposed drainage infrastructure. This means the government is not only negotiating the outstanding financial obligations but also considering variations to the original project scope. The key question is whether the government will approve the proposed variations and provide the funding required to allow the contractor to return to site.
The Takoradi Market Circle redevelopment has featured prominently in the public statements of successive political administrations.
During his visit to the project site on February 5, 2025, President John Dramani Mahama assured residents of the Western Region that his administration was committed to completing the facility. He said he would meet the Finance Minister and the contractor to discuss the outstanding issues and establish a new schedule for the resumption of work.
The President assured traders that contractors, engineers and workers would return to the site. However, the project remained stalled for much of the period that followed.
On November 11, 2025, Finance Minister Dr Cassiel Ato Forson inspected the project and announced that it had been captured as a government priority.
He explained that the state had already invested substantial resources and that abandoning the project would make little economic sense.
However, he disclosed that the contractor was making claims outside the original loan amount, which would require parliamentary consideration and approval before additional payments could be made.
He also assured traders that the contractor would return to site early in 2026 after the debt restructuring process.
In May 2026, the then Local Government Minister, Ahmed Ibrahim, provided further details about the financial position of the project.
He attributed the suspension of work to unpaid Interim Payment Certificates and the financial difficulties arising from Ghana’s debt restructuring programme.
He maintained that government was committed to securing the necessary financing, re-engaging the contractor and ensuring completion.
He also disclosed that the project had achieved 81.62 per cent overall progress before its suspension.
The latest major government intervention came in September 2026 when the current Local Government Minister, Mahama Ayariga, inspected the project.
He disclosed that the Finance Minister had tasked him with developing an alternative financing arrangement following the cancellation of the outstanding export credit facility.
His proposal involves collecting advance rental payments from prospective occupants of the market and using the proceeds to finance the remaining construction works.
He also indicated that commercial banks could be engaged to collect payments and manage the allocation of stores to avoid political interference.
The minister expressed confidence that negotiations with the contractor could lead to the completion of the facility within one year after work resumes.
However, this proposal has not received unanimous support from the people who are expected to occupy the market.
The September 2026 developments suggest that government is considering a different approach to completing the project.
Instead of relying entirely on the original export credit arrangement, the authorities are exploring the possibility of raising money through advance rental payments.
The minister explained that the market has approximately 4,000 proposed trading spaces and that payments from prospective occupants could help finance the remaining works.
On the proposed expansion, he said government was considering the addition of 1,200 spaces and a six-month extension.
The idea could provide a new source of funding, but it also raises questions about affordability, transparency and the security of payments made before completion.
Would traders be required to pay for shops that are not yet ready for occupation?
What happens if the contractor fails to complete the project within the proposed period?
Would the advance payments be refundable?
How would the government determine the rental rates and allocate the stores?
These are questions that must be answered before any collection exercise begins.
For the affected traders, the debate is not simply about finding money to complete the market. It is also about the hardship they have endured since being relocated.
In May 2026, traders operating at the temporary market staged a demonstration in Takoradi to demand urgent government intervention.
The demonstration was organised amid growing frustration over the prolonged delay.
Madam Lamisi Adam, a convenor of the Concerned Traders of Takoradi Central Market, said traders had been promised that the new facility would be ready within two years.
Instead, they had spent years operating under temporary arrangements that had become financially burdensome.
Some traders reportedly spent between GH¢400 and GH¢1,000 to secure structures at the temporary location, while others invested additional money to construct their own shops.
The traders also raised concerns about whether the new facility would accommodate everyone who was relocated from the old market.
In September 2026, the Concerned Takoradi New Market Traders rejected government’s proposal to collect advance rental payments.
Madam Adam argued that traders were already struggling to attract customers because of the location of the temporary market.
She maintained that it would be difficult for them to pay for unfinished stores.
She also questioned the accountability of monies collected during the relocation process and insisted that government should identify a more sustainable way of financing the remaining construction works.
The traders’ position is that payments should be made when the market has been completed, certified and declared fit for occupation.
Their concerns deserve serious consideration because the people being asked to finance the final stages of the project are also those who have borne the economic consequences of its delay.
The new Takoradi Market Circle is expected to provide a significant improvement in the commercial infrastructure of the Western Regional capital.
According to published project details, the facility is designed to accommodate:
The proposed expansion would increase the number of trading spaces to approximately 4,000, subject to approval of the contractor’s request.
For traders, completion would mean the opportunity to return to a permanent and more organised trading environment.
It could also improve access to customers, enhance sanitation, provide better security and strengthen the commercial activities of the metropolis.
For the STMA, the market could become an important source of revenue while supporting employment and business growth.
However, these benefits will only materialise when the project is completed, properly equipped and handed over for occupation.
The Takoradi Market Circle project began under the previous NPP administration, but its completion has become the responsibility of the current NDC administration.
Both administrations therefore have important questions to answer.
The Akufo-Addo administration must account for the original project financing arrangements, the circumstances surrounding the suspension of construction and the management of the original completion timetable.
The Mahama administration, on the other hand, must explain how it intends to resolve the outstanding contractual obligations, secure the necessary financing and deliver a credible completion timetable.
President Mahama’s February 2025 assurance, Finance Minister Ato Forson’s November 2025 commitment and the subsequent statements by Local Government Ministers Ahmed Ibrahim and Mahama Ayariga demonstrate that the project has received attention at the highest levels of government.
But repeated assurances cannot replace measurable progress.
The Takoradi Member of Parliament, Kobina Okyere Darko-Mensah, was among the political leaders whom the affected traders appealed to in May 2026.
His constituents, particularly those directly affected by the relocation, deserve regular updates and active parliamentary scrutiny of the project’s financial and construction status.
The public also needs an opportunity to examine the decisions that have contributed to the project’s prolonged suspension.
The financial cost of the delay is only one part of the problem.
The broader economic and social consequences may be even more significant.
First, thousands of traders have had to adapt to temporary trading arrangements for far longer than originally anticipated.
Second, businesses operating around the old market area continue to experience the disruption associated with an unfinished construction site.
Third, the metropolis is losing the potential economic benefits of a modern commercial facility that could attract more business activity and generate revenue.
Fourth, the accumulation of suspension claims means that taxpayers may ultimately bear additional costs that could have been avoided through timely project execution and payment management.
There is also the danger that prolonged delays could create uncertainty about the original design, the quality of completed works and the additional investment needed to make the facility operational.
One particularly important issue is the discrepancy between the reported construction progress and overall project completion.
The 81.62 per cent figure disclosed by Ahmed Ibrahim in May 2026 refers to overall progress, while the same government account placed physical construction at 62.31 per cent.
The contractor-related report in September also cited approximately 62 per cent completion.
This distinction matters. A project can have engineering and procurement components substantially completed while significant physical construction remains outstanding.
It would therefore be misleading to tell the public that the market is almost ready for occupation simply because an overall progress figure exceeds 80 per cent.
Government must publish an updated independent engineering assessment identifying completed structures, outstanding works, safety requirements and the actual cost of delivering an operational market.
The way forward requires more than another promise to bring contractors back to site.
There are several important steps that government should take.
1. Publish a comprehensive financial audit.
The Ministry of Finance and STMA should provide a detailed account of the original €48 million contract, payments made, certified outstanding amounts, suspension claims and the estimated cost of completing the project.
2. Establish a binding completion timetable.
Government and Contracta should agree on a realistic schedule with clear milestones, deadlines and penalties for unjustified delays.
3. Resolve the advance payment controversy.
If advance rental payments are adopted, traders must be consulted, and clear contractual protections, refund arrangements and transparent allocation procedures must be established.
4. Independently verify the quality of the completed works.
The proposed drainage system, structural integrity, corrosion protection, sanitation and fire safety arrangements must be properly assessed before occupation.
5. Protect the interests of displaced traders.
Government must establish how the original traders will be accommodated and whether the expanded market will have sufficient space for everyone who was relocated.
6. Strengthen public accountability.
The government should provide periodic public updates on payments, contractor mobilisation, construction progress and the revised completion date.
The Takoradi Market Circle redevelopment was conceived as a major investment in the commercial future of the Western Region.
Six years after construction began, however, thousands of traders are still waiting for the benefits they were promised.
The government’s alternative financing proposal offers a possible route out of the funding impasse, but its success will depend on transparent implementation, agreement with the contractor and meaningful consultation with traders.
The reported €18 million outstanding obligation, the €18.9 million in suspension costs and the proposed expansion of the facility make it imperative that government establishes the true financial position before committing to another completion timetable.
The people of Sekondi-Takoradi deserve clear answers.
When exactly will the contractor return?
How much additional public money will be required?
Will the original traders be guaranteed spaces?
And, most importantly, when will the market finally open?
For the thousands of traders whose livelihoods have been affected, the next announcement should not be another promise. It should be evidence of construction work resumed, a transparent financing arrangement and a credible date for handing over the completed market.
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