In response to the recent fire disaster at Kantomanto Market, Alan Kyerematen, leader of the Movement for Change and a strong proponent of economic transformation, has urged the government to create a 2-billion-dollar Market Infrastructure Development Fund.
Alan Kyerematen, speaking to journalists, referred to the proposed fund as a long-term strategy for financing the development of modern market infrastructure nationwide, a critical step he believes will help revitalize commerce and trade.
This proposal mirrors advice Kyerematen had earlier shared with President John Mahama during a courtesy visit when Mahama was President-Elect. He suggested that the fund be launched with an initial 500 million Ghana cedis, supplemented by further contributions from the corporate private sector.
To encourage their participation, Kyerematen recommended making donations to the fund tax-deductible, thus providing financial incentives for businesses to contribute. He stressed, “The corporate private sector, which benefits directly or indirectly from market operations, must play an active role in developing resilient infrastructure.”
Mr. Kyerematen also pointed out the wider economic advantages of modernizing markets, especially their role in curbing inflation. He explained that active retail market activities help stabilize prices by improving the distribution of goods, which is crucial for making essential products more affordable. He stressed that modernizing markets is not only a business necessity but also an economic imperative for enhancing livelihoods and driving national development.
Additionally, he proposed that Metropolitan, Municipal, and District Assemblies (MMDAs) allocate a fixed percentage of their market toll revenues to the fund. This approach would ensure reliable financial support for developing modern market infrastructure across all 260 districts. He emphasized that such infrastructure would create safer and more efficient trading environments, safeguarding lives and property while boosting economic productivity.
Reflecting on the potential impact, Allan Kyerematen described the fund as a way to boost small businesses and generate wealth. He pointed out that modern markets would provide better facilities for traders, create more opportunities for small-scale entrepreneurs, and help reduce unemployment. According to him, these benefits would strengthen domestic trade and serve as the foundation for wider economic transformation.
Standing amidst the fire-damaged market, Allan Kyerematen urged stakeholders to take immediate and proactive steps to prevent similar disasters in the future. He stressed that his proposed solution would safeguard against such tragedies and help turn Ghana’s markets into hubs of innovation and growth. “We owe it to the traders and the entire economy to develop market infrastructure that is not just modern, but also safe and sustainable,” he stated.
