Modernising Ghana’s traditional markets through the 24-Hour Economy markets initiative

Ghana boasts hundreds of traditional markets spread throughout its 16 regions and 261 districts. These markets are vital centers for accessing goods and services at relatively lower prices. Notable markets include Kotokoraba in Cape Coast, Market Circle in Takoradi, and the famous Agbogbloshie, Kantamanto, Kaneshie, and Makola Markets in Accra.

Traditional markets serve as important economic hubs in Ghana, with an estimated annual turnover of US$4 million per location. They provide livelihoods for many traders, porters, drivers, and other workers, while creating opportunities for farmers, artisans, and small businesses. They play a crucial role in distributing food and other goods across the country, accounting for approximately 60% of total retail sales, 20% of imported high-value food purchases, and over 85% of Fast-Moving Consumer Goods (FMCG) sales.

Additionally, more than 90% of local staple foodstuffs and over 80% of imported and locally produced meat, fruits, and vegetables are sold in these markets. Despite the rise of shopping malls and supermarkets, about 95% of Ghanaians still prefer to shop in traditional open markets due to their affordability and accessibility. However, many of these markets suffer from longstanding issues such as poor sanitation, inadequate waste management, insufficient infrastructure, fire hazards, and food safety concerns.

To address these challenges and modernize Ghana's traditional markets, President John Dramani Mahama launched the 24-Hour Economy Markets Initiative in collaboration with the Ministry of Local Government, Chieftaincy and Religious Affairs, and Metropolitan, Municipal and District Assemblies. The initiative aims to transform traditional markets into modern, multipurpose centers operating 24 hours a day, providing enhanced trading spaces, essential facilities, and supporting services.

These improvements are expected to stimulate economic activity, increase productivity, create jobs, and promote wealth creation within beneficiary communities, while ensuring the markets remain accessible and safe for traders and consumers.