Mr Abdul Mumin Issah, the Metropolitan Chief Executive (MCE) of the Sekondi-Takoradi Metropolitan Assembly (STMA) says the Redevelopment of the Takoradi Market Circle is progressing steadily.
He said work was ongoing at the GHAPOHA Junior Staff Quarters area where the majority of the market women would occupy.
He said provisions were made to relocate traders to places like the ECG Pay Point at the Market Circle, New Spain area and Osei area at the Kokompe light industrial enclave.
In an interview with the Ghana News Agency, Mr Issah said the redevelopment of the market would improve social infrastructural facilities, including toilets, drainage networks and health posts.
It would also improve waste collection, reduce traffic congestion around the markets, increase trading activities and provide adequate parking for vehicles and security.
President Akufo-Addo during a recent tour of the Western Region cut the sod for the commencement of the project estimated to cost €48 Million and to be completed in two and half years.
The Mayor said the over 100-year-old market was congested with inadequate storage and sanitary facilities.
Other challenges are vehicular congestion, weak wooden structures, inadequate drainage, poor electrical works, which expose traders to health, safety and fire risks.
He said the new market would consist of 2,408 stores, 33 restaurants and food courts, bulk baking areas, visitors parking, Union Offices, separation and changing room for potters.
It would be given to the Assembly on lending terms since it was funded through a credit facility from the SACE Italian Export Guarantee Agency, an Italian firm.
It is also expected to create between 400 and 500 direct jobs and at least 1,500 indirect jobs to increase the leasable stores, boost the social economy and revenue for the Assembly.
According to the MCE, the Ministry of Local Government and Rural Development (MLGRD) and the Ministry of Finance (MOFEP) would establish a special purpose vehicle to ensure the overall operations and maintenance of the market and to ensure a constant supply of water and electricity.
There would also be the provision of insurance cover, garbage collection and waste management, revenue collection and management, engagement and supervision of other services in the market, and regulation of activities of drivers and transport owners of the market.
The MCE commended his predecessor, the late Anthony K.K. Sam, for his determination and commitment to the project.