Dr Cassiel Ato Forson, the Minister for Finance, says the government has captured the Takoradi Market Circle Redevelopment as a priority project and work will resume next year.
He said this when he toured the project site to inspect progress of work ahead of the 2026 Economic Budget presentation in Parliament on Thursday, November 13, 2025.
According to him, the government recognised that the state had already spent some substantial amount of money on the project, and that it was worth completing to help boost economic activities within Takoradi and the entire Western Region.
Dr Forson said: “Now we have captured it as part of the priority list of state so we intend to restart it anytime soon.
“But the contractor is claiming costs outside the loan amount, so that will mean that Parliament will have to consider and approve that before we can pay the extra money.”
The Finance Minister, thus, gave the assurance that the contractor would return to the site early next year as the government concluded the ongoing debt restructuring.
The Takoradi Market Circle Redevelopment project, which was to be constructed at a cost of about 48 million Euros in 2020 and expected to be completed by 2023, has stalled.
Phase one of the redevelopment of the central market is being undertaken by an Italian contractor, Messrs. Contracta Costruzioni Italia SLR.
Upon completion the new Market Circle would have 2,408 stores, 33 restaurants and food courts, and bulk breaking areas, visitors’ car park, offices, a police and fire station, and a post office.
Others are a clinic, administrative offices, day care centre, space for banks and other financial institutions, a waste separation dock and changing rooms for staff among other facilities.
