Work on Takoradi Market Circle project set to resume within a Month — Contractor

The Takoradi Market Circle Redevelopment Project, which began six years ago, is anticipated to restart within the next month, according to the contractor, Contracta Costruzioni Italia S.R.L. The project, currently 62 percent complete, has only recently resumed work after a hiatus. It has received 41.7 million euros from the government thus far, covering part of the original 48-million-euro contract and the costs incurred due to its suspension.

Contracta is requesting an additional six months to Phase One to add 1,200 trading spaces, increasing the market's capacity to 4,000. The contractor is also asking for approval for a variation to the contract, which would include a drainage system linking the market to the main receptacle at Mankessim White House. However, without this drainage system, the project's issues will not be fully resolved.

Contracta's Technical Director, Reginald Longdon, stated that the company is trying to mitigate the situation as much as possible through design. The government is now exploring alternative financing mechanisms to complete the project, as it is considering a new financing model that could see the project completed within a year.

This model involves renting out the 4,000 spaces and using the revenue generated to complete the project. The contractor's request for an extension to Phase One is reasonable, according to the Minister for Local Government, Chieftaincy, and Religious Affairs, Mahama Ayariga. The government's delay in settling the contract sum has already resulted in 18.9 million euros in suspension costs, with 7.13 million euros already paid. If the extension is approved, these costs are expected to increase further.