President Akufo-Addo on Wednesday cut sod for the redevelopment of the Takoradi market, popularly called Market Circle.
The project is costed at €48 million.
“I am particularly happy that this project, which is dear to my heart, is going to commence under my presidency,” the President told the chiefs and people of the area on Wednesday.
The project is being financed by an export credit from Deutsche Bank S.p.A Italy, with export credit guarantee support from SACE, the Italian Export Guarantee Agency.
Messrs Contracta Costruzioni Italia SLR are the contractors undertaking the project. President Akufo-Addo urged the contractors to complete it within the 30 calendar months time.
When completed, the Takoradi Market will have 2,408 stores; 33 restaurants and food courts, bulk breaking areas, visitors parking, union offices, police station, fire station, post office, clinic, administrative offices, waste separation dock, and changing rooms for staff.
President Akufo-Addo has said that it will, “create between 400 to 500 direct jobs and between 1,000 and 2,500 indirect jobs; reorganise all the traders in the market, and formalize the informal economy of the central market; and improve safety and security”.