Traders at the Kumasi Central Market have called for tighter controls over the transfer and rental of shops following revelations that some owners are subletting spaces at significantly higher prices than the premiums they originally paid.

President of the Federation of Kumasi Traders, Nana Akwesi Prempeh, says the practice is being carried out by individuals and not by market management.

Speaking on JoyNews’ afternoon show, the Pulse, Nana Prempeh said the situation requires a clear policy to ensure that shop owners seek approval from management before renting out or transferring their spaces.

“It is not management renting shops out; rather, it is individuals,” Nana Prempeh said.

According to him, management must now introduce measures that will allow it to monitor such transactions and prevent the sharp increase in the value of shops from undermining efforts to generate revenue for the redevelopment of the market.

His comments follow a revelation by the local government minister that some shop owners who acquired spaces at premiums of about GH¢25,000 are now renting them out at a much higher price, with some costing ¢100,000.

Nana Prempeh, however, says the priority should be ensuring that all existing shop owners fulfil their financial obligations.

He has urged the leadership of the traders’ union and market management to intensify efforts to recover outstanding premium payments, arguing that the revenue will be critical to sustaining the redevelopment project.

The traders’ leader also expressed satisfaction with the resumption of work on the next phase of the Kumasi Central Market project after years of delays.

He said traders stand to benefit significantly from the expansion and therefore have a responsibility to support efforts to ensure that the project does not suffer further setbacks.

The Kumasi Mayor, Richard Ofori Agyemang Boadi, also acknowledged the controversy surrounding the resale of shops but said owners who transfer their spaces at higher prices may not necessarily have committed a crime.

He, however, called for consultations with trader leadership and financial institutions to establish appropriate mechanisms for regulating the increasing value of the shops.

“Revenue generated from Kejetia should be retained and channeled into future market development projects rather than relying heavily on loans,” he said.

Meanwhile, he has warned that shop owners who fail to settle their outstanding premium payments by December 31, 2026, risk losing their shops.

The warning forms part of renewed efforts by the Kumasi Metropolitan Assembly to increase revenue from the market and support the financing of the ongoing redevelopment works.

For the traders, Nana Akwesi Prempeh says preventing further delays to the already long-delayed project must remain a collective responsibility.

He has therefore urged shop owners to meet their obligations while calling on union leaders and management to work together to protect the market’s revenue base and ensure the redevelopment progresses without further disruption