The Kumasi Metropolitan Assembly is currently liaising with a Chinese Construction Firm for the construction of the ultra-modern market facility.
Mr Samuel Sarpong, Metropolitan Chief Executive (MCE), said the assembly recently sent a team to China to have preliminary discussion with the contractors on the project.
He said as a result, the company had agreed to delegate a team of experts to Kumasi to conduct feasibility studies on the project which was expected to take-off soon.
Addressing a forum on the assembly's decongestion exercise on Wednesday, the MCE announced that the assembly had abrogated its contractual agreement with Messrs Asafo Adjei Construction Company, the firm which was originally tasked to work on the Kumasi Central Market Project.
He said the move had become necessary following the lackadaisical attitude to work by the contractor, saying his inactions had contributed greatly to the delay in the construction of the new market.
The forum was organized by the Ashanti Regional branch of the Ghana National Chamber of Commerce and Industry as part of its monthly general meeting and to highlight to members the essence of the decongestion exercise and the need for them to co-operate.
Mr Sarpong noted that the decongestion exercise was aimed at ensuring free vehicular and pedestrian movement in the Central Business District and called for support for the exercise.
The MCE emphasized that restoring Kumasi to its former status as the Garden City of West Africa required a shared responsibility.
"Our work would be made difficult if stakeholders do not comply with the directives given to sustain the programme".
Nana Yaw Owusu, Chairman of the Ashanti Regional branch of the Chamber of Commerce and Industry appealed to residents of the metropolis to endeavour to observe bye-laws of the assembly to maintain the scenic beauty of the metropolis.
He urged members of the Chamber to adopt good business practices for the growth of their enterprises.