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Parliament has approved a loan of €93.3 million for Phase 2 of the redevelopment and modernization of the Kumasi Central Market and its associated infrastructure.

The loan facility was approved last week just before parliament rose for recess.

The Chief Executive of the Kumasi Metropolitan Assembly (KMA), Osei-Assibey Antwi, keenly observed the proceedings from the public gallery of the House.

The second phase of the Kumasi Central Market will involve the construction of leasable commercial space, including 6,751 closed stores, 1,069 kiosks, 60 restaurants, counters, 304 fishmongers and butchers’ stores, 47 livestock stores and food courts.

New public transport terminal, sewage treatment station, union offices, police station, fire station, post offices, crèche, cafeteria for staff, change room for staff, generators, fuel and gas stations plants, as well as administrative offices would be constructed.

According to the Finance Committee’s report presented to the plenary by its chairman, Dr Mark Assibey-Yeboah, the project would also provide infrastructure in the Central Business district.

He said the project would improve mobility in the area which would allow traders to receive their merchandise and also allow customers to reach the area in a safe and organized manner.

The legislator said revenue is expected to be generated from rentable commercial spaces, goodwill, market tolls, advertisement, and parking fees from vehicles using the parking facilities, and the proceeds of the credit facilities are to be on-lent to KMA or its assignee.

Mr Osei-Assibey Antwi was happy with the approval of the loan facility for the commencement of the redevelopment of the Kumasi Central Market, which has been on the bill for a while.

He told DAILY GUIDE that the redevelopment will bring a permanent closure to the pain and anguish of traders, who annually lose their goods and property in fire outbreaks.

The redevelopment of the Central Market, which will be done in phases, will allow the KMA to relocate those who would also be affected by the Kejetia Market project. They can sell their goods so that no traders would suffer or sit at home during the construction, he added.

He said the new and magnificent transport terminal would be able to accommodate a lot of vehicles.

He, therefore, appealed to traders and drivers to cooperate with the contractors when work on the project begins.