Alan Kyerematen, leader of the Movement for Change and a strong advocate for economic transformation, has called on the Ghanaian government to create a 2-billion-dollar Market Infrastructure Development Fund following the devastating fire at the Kantomanto Market.
Speaking to journalists, Kyerematen stressed that this fund would provide a sustainable solution for the development of modern market infrastructure across the country, which he believes is essential for revitalizing commerce and supporting distributive trade.
Kyerematen’s proposal echoes a recommendation he made in a previous meeting with President John Mahama when he was President-Elect. He suggested that the fund be initially seeded with 500 million Ghana cedis, with further contributions coming from the private corporate sector. To incentivize private sector participation, Kyerematen proposed that donations to the fund be tax-deductible, creating a financial incentive for businesses to support this critical initiative. “The corporate private sector either directly or indirectly benefits from market operations and must play an active role in building resilient infrastructure to sustain it,” Kyerematen remarked.
In his remarks, Kyerematen emphasized the broader economic benefits of modernized markets, highlighting how they play a key role in controlling inflation. He explained that efficient retail market activities help stabilize prices by improving the distribution of goods, which is vital to making essential products more affordable for consumers. For Kyerematen, market modernization is not only a commercial need but an economic imperative that can improve livelihoods and contribute to national development.
Further, he proposed that Metropolitan, Municipal, and District Assemblies (MMDAs) allocate a portion of their market toll revenues to the fund, ensuring a consistent and sustainable financial inflow. This would guarantee the construction of modern market facilities across all 260 districts, creating safer and more efficient trading environments that protect both lives and property.
Kyerematen highlighted the potential impact of the fund, describing it as a mechanism to stimulate small businesses and generate wealth. He pointed out that modern markets would provide better facilities for traders, expand economic opportunities for small-scale entrepreneurs, and help reduce unemployment. Ultimately, this would strengthen domestic trade and lay the foundation for broader economic transformation, he said.
Standing at the site of the fire-ravaged Kantomanto Market, Kyerematen underscored the urgency of adopting proactive measures to prevent future disasters. His proposed Market Infrastructure Development Fund, he believes, would not only safeguard against tragedies like the Kantomanto fire but also position Ghana’s markets as centers of innovation and growth. “We owe it to the traders and the entire economy to build market infrastructure that is not only modern but also safe and sustainable,” he concluded.
This proposal is in line with Kyerematen’s broader vision for economic reform, which centers on his Great Transformational Plan (GTP). The Market Infrastructure Development Fund would be a key part of this plan, underscoring his commitment to economic stability, infrastructure development, and the fostering of a resilient domestic trade network.
