The hope of the people in Kumasi for the timely completion of the Kejetia Market Phase 2 project is fading.
Finance Minister Dr Cassiel Ato Forson has announced that this project, along with 54 others across the country that were left incomplete by the previous government, will take at least 12 years to finish.
This delay is attributed to constraints stemming from the IMF-supported programme and the restructuring of bilateral creditor debt.
Debt restructuring
During his presentation of the 2025 Budget Statement in Parliament on Tuesday, March 11, Dr Forson indicated that this debt restructuring has placed a significant financial burden on the country. It has resulted in about $3 billion in undisbursed loans and approximately $300 million in unpaid bills and outstanding interim payment certificates (IPCs).
“These financial challenges have led to the suspension of several critical infrastructure projects nationwide, including the Effia Nkwanta Regional Hospital, Kejetia Market Phase 2, the Bolgatanga-Bawku-Pulimakom Road Project, and the Tema-Aflao Road Project,” he said.
The minister added: “Mr Speaker, the IMF-supported programme imposes an annual disbursement ceiling of $250 million for official bilateral loans. This constraint means that it will take a minimum of 12 years from the resumption of disbursements to complete these 55 stalled projects. We will be engaging in discussions in the coming days to address this situation.”
He added that the delays in payments and the demobilization of workers from these sites could lead to cost overruns totaling approximately $1.1 billion.
