Ayariga: Traders to pay market value for Kejetia Phase Two

Government official Mahama Ayariga proposes an arrangement with Kejetia market traders to pay market value for completion of Phase Two of the redevelopment project in Kumasi. This move aims to address funding constraints and rising construction costs that have stalled the initiative. Ayariga believes the scheme will expand trading space, alleviate street pressure, and generate resources for further urban development.

He attributes the project's delay to the Debt Exchange Programme and suspension of international loans, which altered the original contract. Ghana introduced its Domestic Debt Exchange Programme in December 2022, followed by a suspension of most external commercial and bilateral debt payments the following month. The government is collaborating with the Finance Ministry, the Kumasi Mayor, and the Ashanti Regional Minister to secure additional funding and resume contractor operations at the site.

However, Ayariga warns that available funds might not suffice to complete all elements of the original design. Phase Two encompasses 3,760 counter shops, over 6,000 lockable shops, and a transport terminal capable of accommodating 600 vehicles. The €248 million contract, signed in December 2018 with a 48-month completion timeline, is currently 68% finished overall, with procurement at 84% and engineering at 99%, but construction only at 49%. As of now, €171 million has been disbursed towards the project.