The Government is set to release funds for the completion of the Phase 2 of the Kumasi Central Market Redevelopment project, the mayor of Kumasi, Mr. Samuel Pyne has announced.
Contracta Construction UK Limited, the construction firm executing the second phase of the Redevelopment of the Kumasi Central Market is to return to the site in August 2024 and resume work following the assurance to make funds available by the government for the completion of the project.
The project, which is about 80% complete, has stalled for over a year now, following financial constraints.
Mr. Pyne, emphasised that the government had not neglected the project and assured that the government is actively overseeing its completion having allocated resources, including £300 million to the project.
The project was scheduled to have been completed in June 2024 but stalled partly from the debt restructuring exercise by the government last year.
The Ashanti Regional Minister, Mr. Simon Osei-Mensah, confirmed the assurance by the government to release funds for the second phase of the project.
The redevelopment of the Kumasi Central Market at €248 million is being financed by the Deutsche Bank of Germany, with export credit guarantee from the United Kingdom Export Finance (UKEF).
The second phase of the project is expected to house 6,500 leasable commercial spaces, 5,400closed stores; 800 kiosks, 50 restaurants and 210 fishmonger and butcher stores and 40 livestock stores among others, as well as provide 900 direct jobs and 2,500 indirect jobs to improve the lot of residents.
The President, Nana Addo Dankwa Akufo-Addo, cut the sod for the €248-million facility on May 2, 2019 for completion in 36 months, but was delayed due to initial constraints, congestion and difficulties in acquisition of project site.
