Finance Minister Dr. Cassiel Ato Forson has announced that work on the stalled Takoradi Market Circle redevelopment project will resume early in 2026, bringing renewed hope to thousands of displaced traders in the Western Region.
The minister made the announcement following an inspection visit to the abandoned site on November 8, ahead of the 2026 Budget Statement presentation scheduled for November 13. The inspection tour included Deputy Finance Minister Thomas Nyarko Ampem, Western Regional Minister Joe Nelson, and the Metropolitan Chief Executive of the Sekondi Takoradi Metropolitan Assembly, Fredrick Faustinus Faidoo.
Writing on social media platform X, Dr. Forson expressed his commitment to the project’s completion. “Standing at the heart of this vibrant city, the site reminded me of the immense promise it holds for thousands of traders and families,” he stated. The minister noted that the contractor will return to site early next year as the government concludes its ongoing debt restructuring exercise.
The project, valued at €48 million, was launched in August 2020 when former President Nana Akufo Addo cut the sod for construction. It is being financed through an export credit facility from Deutsche Bank S.p.A of Italy, with export credit guarantee support from SACE, the Italian export guarantee agency. Messrs Contracta Costruzioni Italia SLR serves as the contractor for the redevelopment.
The ambitious redevelopment promises to transform the nearly century old market into a modern commercial hub. Upon completion, the facility will feature 2,408 stores, 33 restaurants and food courts, bulk breaking areas, a visitors’ car park, and union offices. Additional amenities include a police station, fire station, post office, clinic, administrative offices, waste separation dock, and changing rooms for staff.
By July 2022, the project had reached approximately 70 percent completion and was progressing steadily. However, the momentum came to an abrupt halt in 2023 when Ghana entered into a debt restructuring programme with the International Monetary Fund (IMF). The economic challenges forced the government to suspend several infrastructure projects across the country, leaving the Market Circle redevelopment incomplete for nearly three years.
The suspension has had severe consequences for the trading community. The Sekondi Takoradi Metropolitan Assembly has provided a temporary site for displaced traders, but many have struggled with the relocation. The temporary arrangements lack the infrastructure and foot traffic that made the Market Circle a thriving commercial center for decades.
In September 2025, the contractor claimed that the suspension of works had resulted in losses of up to €30 million. This figure suggests that the final cost of completing the project may exceed the original budget significantly. Infrastructure experts have consistently warned that restarting abandoned projects typically comes with higher price tags due to inflation, material depreciation, and the need for contract revaluation.
The finance minister’s announcement comes at a critical time for Ghana’s economy. The country has made progress with its debt restructuring programme and recently completed its fifth review with the IMF. The resumption of the Market Circle project hinges on the successful conclusion of Ghana’s debt restructuring process, which appears to be nearing completion.
President John Mahama had previously visited the site in February 2025 during his “Thank You Tour” of the Western Region following his election victory. During that visit, he assured traders that his government would hold discussions with the contractor to set new schedules for resuming work. The finance minister’s recent announcement appears to fulfill that promise.
The Market Circle holds immense cultural and economic significance for Takoradi. Built in 1928 to serve the Takoradi Harbour, it has functioned as the city’s primary commercial hub for nearly a century. Its strategic location at the heart of the metropolis, surrounded by major roads, makes it accessible from all directions and attracts traders and shoppers from across the Western Region.
The redevelopment became necessary due to the market’s deteriorating condition. Years without significant refurbishment had left the structure weak and congested. Improvised combustible materials, illegal electrical connections, and overcrowding had created dangerous conditions that prompted frequent complaints from traders, shoppers, and nearby residents.
The resumption of work will represent more than just the completion of a construction project. For thousands of traders who have relied on the Market Circle for their livelihoods, it symbolizes a return to normalcy and economic stability. The modern facilities promised in the redevelopment could also attract new businesses and investment to the area, potentially transforming Takoradi’s commercial landscape.
However, questions remain about the exact timeline for completion and the final cost of the project. The 2026 Budget presentation on November 13 may provide more details about funding arrangements and expected completion dates. With nearly three years of inactivity, the project will require significant effort to restart operations and bring it to conclusion.
The government’s commitment to resuming the project demonstrates its recognition of the Market Circle’s importance to the Western Region’s economy. Whether the contractor can make up for lost time and deliver the facility within a reasonable timeframe remains to be seen. For now, traders and residents of Takoradi are cautiously optimistic that their wait may finally be nearing an end.