Takoradi Market project to benefit from US$ 180m+ financial agreement

The New Takoradi Market project in Ghana is set to benefit from a recent US$ 180m+ financial agreement between the government of Ghana and SACE, the Italian Export Credit Agency specialized in supporting the growth and development of businesses and the national economy.

This is according to a press release by Deutsche Bank AG, a German multinational investment bank and financial services company headquartered in Frankfurt, Germany.

The project is part of the Ghanian government’s extensive infrastructure development programme designed to strengthen economic growth and create job opportunities while assuring better living conditions for its rapidly growing population.

The existing Takoradi Market

Built back in 1960 and significantly expanded in the 1970s, the Takoradi market covers an area of around 1 km2 in one of Takoradi’s most densely populated and visited areas. It is the largest commercial facility in the Western Region of Ghana and it has had a significant impact on the development of the city, greatly enhancing the trade of goods and services.

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However, over the years the market has become congested and unsafe for the increasing numbers of traders and visitors. As the population continues to grow, the existing structures have continued to fall into ruins, and security and sanitation facilities have become inadequate.

The future Takoradi Market

The redevelopment of the market will, therefore, create a well-organized, modern and safe facility, able to attract more visitors and ease congestion in and around the area.

Upon completion, the new market will include over 2,400 stores, restaurants, and food courts, bulk breaking areas, waste separation docks, administrative offices, and public facilities, including a police station, a fire station, a post office, and a medical clinic.

The implementation of the project has been assigned to Contracta Costruzioni Italia, the Italian subsidiary of the leading Brazilian construction group Contracta Engenharia, with 25 Italian SMEs involved in the project supply chain.