The cost of completing the stalled Kumasi Central Market Phase Two project has risen to over €305 million, the Minister for Local Government, Chieftaincy and Religious Affairs, Ahmed Ibrahim, has revealed.
Speaking at a press conference in Accra on Wednesday, May 6, the Minister attributed the sharp increase largely to mounting suspension-related claims.
According to him, the cost overruns and delays affecting both the Kumasi Central Market and the Takoradi Market Circle redevelopment projects are linked to unpaid interim payment certificates and the demobilisation of contractors in 2024.
He explained that work on the Kumasi project was just over 58 per cent complete when it was halted, with more than €27 million in certified payments still outstanding. Since then, suspension claims have significantly pushed up the overall cost.
On the Takoradi Market Circle project, the Minister noted that although redevelopment had reached more than 81 per cent completion, an outstanding balance of over €6 million remains unpaid.
Ahmed Ibrahim warned that the delays are already having serious consequences, including congestion, unsafe trading conditions, loss of livelihoods for traders, and a slowdown in economic activity in the two key commercial centres.
ALSO READ:
