Takoradi market traders reject upfront payment, propose 8-point financing plan

The displaced traders of Takoradi Market have presented an eight-point financing plan to address the stalled Market Circle Redevelopment Project. In a letter to the Minister for Local Government, Chieftaincy and Religious Affairs, Mahama Ayariga, the traders propose a strategy where government completes the market first, with the government recovering its investment from the traders over time.

The letter, dated September 24, 2026, follows a visit by the Minister to the project site on September 22. The government has already committed €41.7 million to the €62 percent completed project.

The traders accept the need for a sustainable financing mechanism but warn that a heavy upfront payment could be unaffordable after years of reduced trading. Their plan includes:

1. Reengaging the contractor, Contracta Costruzioni Italia S.R.L., to resume work within a month.

2. No full upfront payment, with traders only required to pay an affordable initial commitment fee or percentage.

3. Occupants should pay an initial fee and occupy their stores once sections are completed and certified.

4. The remaining balance should be recovered through affordable monthly or quarterly payments over a reasonable period.

5. Government could consider structured arrangements with participating commercial banks or other credible financial institutions.

6. Traders could make an agreed advance rental payment, transparently applied to completing the project.

7. A dedicated, transparent Market Completion Account should be established to track funds collected from traders, rents, financing arrangements, and other approved sources.

8. Government should publish a clear completion timetable and financial framework, detailing outstanding works, estimated costs, financing structure, construction resumption, expected completion date, store allocation, and payment schedule.

The traders argue that their plan benefits government as well, as a completed, bustling market would generate more rents and other revenue. They emphasize that they are not seeking stores for free but rather an affordable arrangement that allows them to "survive, trade and rebuild." The traders request an urgent stakeholder meeting with relevant authorities to discuss the payment structure and reach a mutually acceptable solution.