Traders with outstanding rent and premium payments for shops at the Kejetia Market Phase II project have been given until December 31, 2026, to settle their debts or risk losing their allocations.
The Kumasi Metropolitan Assembly (KMA) said the enforcement of the deadline formed part of efforts to mobilise resources and resolve financial challenges that have stalled the redevelopment project.
KMA Mayor, Mr Richard Ofori-Agyemang Boadi, announced the deadline during stakeholder engagements at the Phase II project site in Kumasi over the weekend.
He said contractors were expected to return to site in October 2026 following consultations involving key stakeholders and the Ministry of Finance on arrangements to secure funding for the resumption of construction.
Mr Boadi said about GH¢89 million generated from Phase I of the project had been identified to support the recommencement of Phase II.
He, however, noted that the amount would not be enough to complete the project in its original form, requiring a review of charges to reflect the current value of the shops and other facilities.
The Mayor said the initial financing model envisaged that proceeds from Phase I would be used to finance subsequent phases, but inadequate revenue from the first phase had created a funding gap and contributed to delays.
He said the original five-year premium period had also elapsed, making it necessary for traders with outstanding obligations to settle their debts.
“Failure to settle outstanding obligations could result in the loss of the shops,” Mr Boadi warned.
The planned return of contractors to the site follows a series of stakeholder consultations aimed at assessing the state of the project, resolving outstanding issues and establishing a financing arrangement for its completion.
Mr Boadi said completing Phase II remained a priority under President John Dramani Mahama’s “Resetting Agenda”.
He said the project would help reduce congestion in Kumasi’s Central Business District (CBD) and provide traders and other users with improved commercial facilities.
Speaking on behalf of the Otumfuo Apagyahene, Oheneba Owusu Afriyie IV, recalled that at the commencement of Phase I, the Asantehene, Otumfuo Osei Tutu II, was assured that proceeds from the project would finance subsequent phases.
He therefore urged traders who were indebted under the premium arrangement to honour their obligations to support the completion of the project.
Oheneba Owusu Afriyie IV also urged the government to adhere to agreed procedures in allocating shops and other facilities, stressing the need for fairness and transparency.
He cautioned against partisanship in the allocation process, saying the project should serve the interests of Kumasi’s commercial community.
He said the completion of Kejetia Phase II would strengthen Kumasi’s position as a major commercial centre and further enhance the city’s role as a destination for trade and commerce.
