Residents of Takoradi and its environs can now heave a sigh of relief as there is finally a glimmer for the long-stalled Market Circle Redevelopment Project.
Finance Minister, Dr. Cassiel Ato Forson, has announced that the project is set to resume early next year. Dr. Cassiel Ato Forson broke the news in a social media post ahead of his 2026 Budget Statement presentation to Parliament on November 13, 2025.
The Minister’s assurance comes as a breath of relief to the people of Takoradi, who have watched one of the Western Region’s most ambitious redevelopment projects grind to a halt amid Ghana’s broader fiscal challenges.
“Ahead of the 2026 Budget Presentation on Thursday, November 13, 2025, I journeyed to Takoradi yesterday to inspect the abandoned Market Circle project,” he wrote.
The Project
The Takoradi Market Circle project, initially valued at €48 million (approximately GH₵700 million), was launched in 2020 under a credit facility between the Government of Ghana and the Deutsche Bank S.p.A.
The project, being executed by Messrs Contracta Construction UK Limited, was expected to transform the historic market, originally built in the 1960s, into a modern three-storey trading and commercial complex with over 2,300 stores, restaurants, banks, fire and police posts, and other social facilities.
However, the work came to a standstill in 2023 following Ghana’s economic downturn and the subsequent debt restructuring programme that affected several government-funded infrastructure projects.
For nearly two years, the skeletal structure of the new market has stood in eerie silence, leaving traders displaced and livelihoods disrupted.
The Assurance
The finance minister visited the project site as part of his engagement series ahead of the budget presentation. After inspecting the site, the finance minister gave the assurance that the government is committed to resuming the project.
Reflecting on the impact of the project, Dr. Cassiel Ato Forson indicated that the stalled project represents the hopes and dreams of many traders and families, and hence the government of President Mahama is committed to restoring their hope and livelihoods.
“Standing at the heart of this vibrant city, the site reminded me of the immense promise it holds for thousands of traders and families. I’m pleased to assure our compatriots there that the contractor will return to the site early next year as we conclude the ongoing debt restructuring,” he noted.
The Cost of the Stalled Project
However, beneath the optimism lies an unavoidable concern. Experts have predicted that the project’s cost is likely to increase. Infrastructure experts note that restarting abandoned projects often comes with higher price tags due to factors such as inflation, material depreciation, and the need for revaluation of contracts.
Ghana’s recent history offers a clear pattern of projects stalled for fiscal reasons that almost always resume at a cost far higher than initially budgeted.
Considering how long the project has been stalled, it should be expected that completing the Market Circle project may cost significantly more than the initial €48 million. The exact figure will likely emerge in the 2026 Budget presentation.
The Bottomline
The Market Circle is more than just a commercial space; it is a cultural and economic hub that sustains thousands of households and defines the city’s identity.
As Ghanaian looks ahead to economic recovery in 2026, the restart of the Market Circle project could become a powerful renewal of hope and a strengthened economic prowess of the Western Region.
As to whether the government will fulfil its promise, the next few months will tell.
