Parliament last Saturday approved €93 million loan facilities for the redevelopment and modernization of the Kumasi Central Market.
The facility agreement of €81 million and tied commercial facility of €12.3 million are between the government of Ghana, represented by the Ministry of Finance, and the Deutsche Bank AG, London branch, and its affiliates.
The approval of the facilities followed the presentation of the report of the Finance Committee of Parliament, which recommended to the House to approve the facilities.
Before Parliament approved the facilities, the Finance Committee had met and discussed the agreement with a Deputy Minister of Finance, Mr. Charles Adu-Boahene, a Deputy Minister of Local Government and Rural Development, Mr. Osei Bonsu Amoah; the Metropolitan Chief Executive (MCE) of the Kumasi Metropolitan Assembly (KMA), Mr Osei Assibey Antwi, as well as officials from the ministries of Finance and Local Government and Rural Development and the KMA.
The Government of the Republic of Ghana, acting through the Ministry of Local Government and Rural Development, signed an engineering, procurement and construction (EPC) contract with Contracta Engenharia Ltd, Brazil, in 2014 to undertake the redevelopment and modernization of the Kumasi Central Market and Kejetia Infrastructure project in three phases.
The project commenced in 2014 and was divided into three phases due to the following three reasons: To maintain business continuity and reduce the impact that the construction would have on the business community: To reduce the financial burden and cost of borrowing and to utilise revenues that would be realised from the phase one and phase two of the project to support the funding of similar infrastructural projects in Kumasi.
The first phase of the project is being implemented at a cost of $259,425,000 and it is expected to be completed in October 2018.
Presenting the report of the Finance Committee, the Chairman of the Committee, Dr. Mark Assibey-Yeboah, said the facilities would support the continuation of phase one.
He said it would cover a total construction area of 172,197 meters squared (m2).
The main structure of the market building would be pre-manufactured steel structure and beams. The parts would be produced abroad and shipped to the site for a very fast pace of construction.
Other facilities would be steel and concrete structure, metallic roofing, stalls and circulation areas, places of convenience, administrative and management areas, technical areas, parking lot and transport terminal.
Dr. Assibey-Yeboah said the project would include general Infrastructure for decongestion of the central business district (CBD), neighboring road network improvements and new pedestrianized streets.
There would also be aerial walkways to avoid the pedestrian and vehicular conflict, new and enhanced drainage system to prevent flooding as well as new and safer energy distribution to prevent short-circuiting (causing fires).
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