Kumasi Central Market traders disagree debt exchange programme is responsible for stalled market redevelopment project

Members of the Combined Kumasi Central Market Traders Union are not satisfied with the reasons for the stalled construction of Phase 2 of the Kejetia Redevelopment Project.

Since the beginning of the year, there has been no progress of work on the project, which is expected to be completed in June 2024.

Secretary of the Union, Emelia Kwofie Asare, says attributing the suspension in construction to Ghana’s external debt exchange programme is untenable.

The Chief Executive of the Kumasi Metropolitan Assembly (KMA), Samuel Pyne, has attributed the suspension of some projects, including Phase 2 of the Kejetia Redevelopment Project, to the government’s external debt exchange programme.

But Secretary of the Concerned Kumasi Central Market Traders Union disagrees.

Emelia Kwofie Asare says the loan facility for the project execution was secured long before the debt exchange programme kicked in.

She wants the government to come clear on reasons for the delay in construction.

“The Regional Minister, former Mayor Osei Assibey Antwi, stated categorically that the cash is in.

So, if it is at the Bank of Ghana, it has nothing to do with debt exchange.

“If my money is at the bank, I have every right to access it.

If the cash is in, what stops the construction of the market?

The debt exchange just came in.

It does not sync with us,” she revealed.

The redevelopment of the Kumasi Central Market is a 248 million euro project financed by Deutsche Bank of Germany, with export credit guarantee from the United Kingdom Export Finance.

The construction is being undertaken by Messrs Contracta Construction Ltd, UK.

In 2021, traders at the market were forcibly evicted for work to start since the government risked losing the loan if commencement of work protracted.

Traders had to relocate to the Race Course Market at their own cost.

“They constructed the Kejetia Market.

So if they think they do not have the funding for the construction, they should tell us.

Tags:   Kumasi Central Market Stalled construction