Takoradi and Sekondi markets to be modernised-Nkrumah

Sekondi, April 16, GNA- Mr Philip Kwesi Nkrumah, Sekondi-Takoradi Metropolitan Chief Executive, on Wednesday announced that the Takoradi Central Market and the Sekondi Market would be modernised to facilitate economic activities in the area. He said plans to achieve the objective had reached an advanced stage and explained that the Metropolitan Assembly would be responsible for the modernization of the Takoradi Market Circle and the Government has accepted to fund the Sekondi market.

Mr Nkrumah who was addressing the first meeting of the second session of the Metropolitan Assembly at Sekondi, said plans and estimated costs for the Sekondi market have been forwarded to government for attention. Mr Nkrumah said the assembly has accepted the expression of interest in the funding of the modernization of Takoradi Central Market by a reputable financial institution and negotiations would start soon. He said the land administration of the Metropolis should be streamlined to ensure maximization of investment adding, "The opportunity for private sector development and expansion can no longer be a subject of speculation".

Mr Nkrumah said it was imperative to create an enabling environment to attract investment. He said the Assembly has already received numerous requests for land for the putting up of buildings for financial institutions and other development purposes.

Mr Nkrumah said a total amount of 4,900 Ghana Cedis has been disbursed to 10 beneficiaries under the Productivity and Income Generating Fund (Poverty Alleviation Fund) from January to March this year. He said the beneficiaries were mostly women and the amount was from repayments of loans. Mr Nkrumah noted that two of the four participating banks in the programme have been submitting their reports to the assembly while the remaining two banks have not been doing so. He said the directive by the assembly's Credit Approval Committee that all banks participating in the programme should submit monthly and quarterly reports would be strictly adhered to.

Mr Nkrumah said as part of the implementation of the pilot phase of the United Nations Habitat Slum Up-grading project in the metropolis, the Sekondi-Takoradi Metropolitan Assembly Wide Slum Up-grading Fund (STMACSUF) has been established. He said the STMACSUF is a company limited by guarantee with an independent board to facilitate the mobilization of finance for slum settlement up-grading activities in low income settlements within the metropolis. Mr Nkrumah said to ensure successful implementation of the project, the assembly has decided to contribute a percentage of its annual collection of property rate into the fund. He said an initial amount of 2,000 dollars deposit has been put in an escrow account and the assembly intends to contribute 3,000 dollars every quarter.

Mr Nkrumah said the direct beneficiaries of the fund would be low income households living in settlements in New Takoradi and Kojokrom area. He said the wider metropolitan area was likely to benefit from the introduction of a mechanism that would facilitate upgrading in line with broader city level strategy to tackle slum and settlement upgrading. Mr Nkrumah said the Metropolitan AIDS Committee has put in place an HIV/AIDS Strategic Plan that to reduce the prevalence rate of the disease in the area. He said the plan is focused on the six intervention areas of the National Strategic framework which included prevention and behaviour change.