Ghana has hundreds of traditional markets spread across its 16 administrative regions and 261 districts, serving as vital centers for accessing a wide range of goods and services at relatively lower prices. Major traditional markets include Kotokoraba Market in Cape Coast, Makola Markets in Accra, and Kejetia Market in Kumasi. These markets play a significant role in Ghana's economy, providing livelihoods for numerous traders, porters, drivers, and other transport operators.
Traditional markets in Ghana account for approximately 60% of total retail sales, with over 90% of local staple foodstuffs, including fresh fruits and vegetables, meat, and frozen fish, sold to consumers through these markets. They also account for over 85% of Fast-Moving Consumer Goods (FMCG) sales. An estimated 85% of major importers' and distributors' business is channeled through open markets, and about 80% of wholesalers, sub-wholesalers, and super-retailers operate in traditional markets.
Despite their importance, traditional markets in Ghana face several longstanding challenges, including poor sanitation, congestion, limited trading space, inadequate and deteriorating infrastructure, recurring fire outbreaks, and food-safety and hygiene concerns. These challenges affect the safety, cleanliness, and overall conditions under which traders and consumers conduct their activities within these markets.
To address these challenges, President John Dramani Mahama introduced the 24-Hour Economy Markets Initiative, aimed at rehabilitating and modernizing the country's informal traditional markets. The initiative, spearheaded by the Ministry of Local Government, Chieftaincy and Religious Affairs, in collaboration with Metropolitan, Municipal and District Assemblies, seeks to transform traditional markets into modern, multipurpose markets that operate around the clock.
Under the initiative, traditional markets across Ghana's 261 districts will be upgraded to provide an organized environment for extended trading, stimulating economic activity, increasing productivity, creating jobs, and providing opportunities for wealth creation within beneficiary communities. Resources will be channeled to the MMDAs to promote local ownership and ensure market development reflects local conditions.
The modernized markets are envisioned as integrated commercial centers, combining trading spaces with essential facilities and supporting services, including modern shops and stores, warehouses and cold-storage facilities, banking and digital-payment services, sanitation facilities, restaurants and food areas, crèches, clinics, and police and fire-service posts. This will enable traders and consumers to conduct business in more organized environments and for extended hours.
The 24-Hour Economy Markets Initiative is expected to support economic activity by providing spaces where traders, farmers, producers, and consumers can conduct business in more organized environments and for extended hours. The modernization of markets will also provide the infrastructure needed to transform overcrowded and poorly organized trading spaces into well-planned areas with improved sanitation, waste management, fire-safety systems, and other essential facilities.
Key points
- The 24-Hour Economy Markets Initiative aims to modernize traditional markets, providing decent trading centers and stimulating economic activity nationwide.
