The recent devastating fire at Kantamanto Market has left hundreds of traders displaced and caused extensive damage to one of Accra’s most vital commercial hubs. This tragedy, following the Segleme housing project, underscores the urgent need for a comprehensive plan to rebuild and modernize the market space. The incoming Mahama administration has a unique opportunity to transform Kantamanto into a modern marketplace that not only accommodates all businesses but also prioritizes the original traders and provides them with financial assistance and support.
THE IMPACT OF THE FIRE
The fire, which started around 1 am on January 2, 2025, destroyed over 100 shops and displaced numerous traders. The economic impact is significant, with losses running into millions of Ghanaian cedis. This incident highlights the vulnerabilities of traditional market structures and the need for modern, resilient infrastructure.
VISION FOR A MODERN MARKETPLACE
The proposed redevelopment of Kantamanto Market into a 6 to 10-story modern marketplace can serve as a catalyst for economic growth and urban renewal. This new structure should be designed to accommodate all businesses, with priority given to the original traders who have been the backbone of the market.
1. Infrastructure Development:
– Modern Facilities: The new marketplace should include modern facilities such as fire safety systems, adequate water supply, sanitation, and waste management systems to prevent future disasters.
– Accessibility: Ensure the marketplace is accessible to all, including persons with disabilities, by incorporating elevators, ramps, and wide walkways.
2. Economic Support for Traders:
– Financial Assistance: Provide financial assistance to the original traders to help them rebuild their businesses. This can include grants, low-interest loans, and subsidies.
– Training and Capacity Building: Offer training programs to help traders improve their business skills, including financial management, marketing, and digital literacy.
3. Sustainable Design:
– Green Spaces: Incorporate green spaces and environmentally friendly designs to enhance the market’s aesthetic appeal and promote sustainability.
– **Energy Efficiency**: Utilize energy-efficient technologies such as solar panels and LED lighting to reduce operational costs and environmental impact.
SUPPORTING WOMEN ENTREPRENEURS: The Role of the Women Bank
The establishment of the Women Bank, as promised in the campaign, can play a crucial role in supporting women entrepreneurs in the new Kantamanto Market. This specialized bank aims to address the challenges female entrepreneurs face in accessing loans from traditional financial institutions.
1. Tailored Financial Products:
– Microloans: Provide microloans to women entrepreneurs to help them start or expand their businesses. These loans should have flexible repayment terms and low-interest rates.
– Savings Programs: Offer savings programs that encourage women to save and invest in their businesses.
2. Business Development Services:
– Mentorship Programs: Establish mentorship programs that connect women entrepreneurs with experienced business leaders who can provide guidance and support.
– Networking Opportunities: Create networking opportunities for women entrepreneurs to connect, share experiences, and collaborate on business ventures.
3. Advocacy and Policy Support:
– Policy Advocacy: Advocate for policies that support women entrepreneurs, such as tax incentives, business registration simplification, and access to markets.
– Awareness Campaigns: Conduct awareness campaigns to promote the benefits of supporting women entrepreneurs and the role of the Women Bank.
RECOMMENDATIONS FOR THE INCOMING MAHAMA ADMINISTRATION
To ensure the successful redevelopment of Kantamanto Market and support for women entrepreneurs, the following recommendations are proposed:
1. Comprehensive Planning and Stakeholder Engagement:
– Engage all stakeholders, including traders, local authorities, and community leaders, in the planning and implementation process to ensure the new marketplace meets the needs of all users.
2. Public-Private Partnerships:
– Leverage public-private partnerships to mobilize resources and expertise for the redevelopment project. This can include collaborations with real estate developers, financial institutions, and non-governmental organizations.
3. Monitoring and Evaluation:
– Establish a robust monitoring and evaluation framework to track the progress of the redevelopment project and the impact of financial support programs. This will help identify challenges and make necessary adjustments.
4. Security and Law Enforcement:
– Strengthen security measures to prevent future incidents of arson and ensure the safety of traders and customers. This includes installing surveillance systems and increasing police presence in the market area.
The redevelopment of Kantamanto Market presents a unique opportunity to create a modern, resilient, and inclusive commercial hub that supports economic growth and empowers women entrepreneurs. By implementing the proposed recommendations and leveraging the Women Bank, the incoming Mahama administration can transform Kantamanto into a model marketplace that sets a benchmark for urban development in Ghana.
#Retired Senior Citizen
Teshie-Nungua
Reference Sources:
YEN.com.gh https://yen.com.gh/ghana/274485-kantamanto-market-rocked-by-devastating-fire-100-shops-destroyed/
Ghana News Agency https://gna.org.gh/2024/10/ndcs-women-bank-policy-receives-divergent-views-from-market-women/
