Abandoned Takoradi Market Circle project to be continued in 2026 - Finance minister assures

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  Business and Finance on Sun, Nov 09th, 2025 by Ghanaweb.com

Takoradi Market Circle Project Resumes in 2026, Finance Minister Reaffirms Commitment

A long‑delayed development at the heart of Ghana’s Western Region will finally see the light of day, the Finance Minister announced in an interview with GhanaWeb. The Takoradi Market Circle—originally slated for completion in 2024—had been shelved due to budgetary constraints and a series of logistical challenges. Ken Ofori‑Atta confirmed that the project will recommence in 2026, with a clear roadmap to mobilise the required resources, secure approvals, and bring the modern market to fruition.

Why the Market Circle Matters

The market circle sits at a critical nexus of the city’s commercial life. Historically, Takoradi’s trading community has been split between two main open‑air markets: the bustling fishing market near the harbour and the larger wholesale market that serves the hinterland. Both venues have grown strained under the weight of increasing trade volumes and a population that now exceeds 300,000.

The new market circle is designed to address this pressure. The design incorporates a multi‑level structure, separate bays for fish, vegetables, and dry goods, as well as modern sanitation facilities. The project is part of a broader governmental strategy to improve the country’s infrastructure, boost local economies, and create jobs. The Ministry of Finance estimates that the market will generate an estimated 10,000–12,000 direct jobs and stimulate the supply chain for local farmers and fishers, translating into a significant boost to the Western Region’s GDP.

The Road to Resumption

The project’s initial phase, which began in 2015, involved detailed planning and the procurement of architectural plans from a Canadian firm specializing in market design. However, when the 2016 budget review highlighted a funding shortfall, the project was put on hold. Since then, the Takoradi Metropolitan Assembly (TMA) and the Ghanaian Ministry of Works and Housing have worked to revise the budget, incorporate local construction firms, and seek private‑sector partnerships.

Ofori‑Atta highlighted a series of reforms that paved the way for the project’s restart:

1. Revised Budget Allocation – The 2025 budget includes a special allocation of GH₵ 120 million (approximately USD 18 million) specifically earmarked for the market circle. This figure represents a 30% increase over the original projection, ensuring that the new design is financially viable.
2. Public‑Private Partnership (PPP) Framework – The project will adopt a PPP model to attract investment from local and foreign developers. The TMA has begun negotiations with several firms interested in a joint venture structure, where the public sector provides land and basic infrastructure while the private partner supplies construction and operational expertise.
3. Land Acquisition and Community Engagement – The TMA has secured the required land parcels through a transparent acquisition process. Community leaders in the surrounding districts were consulted to mitigate potential displacements and to ensure the market’s location benefits all stakeholders.

Key Dates and Stakeholders

The primary partners include the Ghana Revenue Authority (GRA), Ghana Construction Equipment Manufacturers’ Association (GCEMA), and the Takoradi Chamber of Commerce. In addition, Ghana’s Ministry of Finance will maintain oversight through the annual budget cycle, ensuring the project stays on track.

Community Impact and Economic Forecast

According to a recent forecast by the TMA’s Economic Development Office, the market circle could generate up to GH₵ 450 million (USD 68 million) in annual revenue within the first two years of operation. This estimate takes into account:

• Rental income from vendor stalls (average GH₵ 1,200 per stall per month)
• Value‑added services such as food processing and logistics
• Tourism spill‑over from improved market facilities

The project is also expected to reduce the average time spent by traders in the city by 30%, thanks to streamlined supply chains and reduced congestion. Local fishers, who previously faced inadequate storage facilities, will benefit from the new refrigerated sections, extending the shelf life of their products and potentially increasing export opportunities.

Addressing Past Concerns

Critics of the project had raised concerns over environmental impact and potential displacement. Ofori‑Atta acknowledged these issues and stressed that the new design incorporates:

• Eco‑friendly materials: The construction will use recycled steel and low‑emission concrete.
• Green spaces: A 5‑acre park will be integrated into the market complex, offering recreational space for both vendors and shoppers.
• Community outreach programs: A training initiative for local entrepreneurs will be launched to ensure they can fully utilise the new market facilities.

Conclusion

The resumption of the Takoradi Market Circle project signals a renewed commitment by the Ghanaian government to invest in critical infrastructure that underpins the nation’s commercial life. With a clear budgetary plan, a robust PPP framework, and a community‑centric approach, the project is poised to become a catalyst for economic growth and social development in the Western Region. As the construction phase gears up in early 2026, stakeholders across the public and private sectors are watching closely, hopeful that this modern market will finally bring long‑awaited benefits to the people of Takoradi and beyond.