Economic Valuation of Three Selected Market Centers in Accra, Ghana

Isaac Baidoo, Mawumefa Akusika Diaba, Amy Eshun Atiwoto and Kingsley Odum Sam
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Isaac Baidoo: Biotechnology and Nuclear Agriculture Research Institute, Ghana Atomic Energy Commission
Mawumefa Akusika Diaba: Radiological and Medical Sciences Research Institute, Ghana Atomic Energy Commission
Amy Eshun Atiwoto: Department of Agricultural Economics and Agribusiness, University of Ghana Legon
Kingsley Odum Sam: Council for Scientific and Industrial Research

International Journal of Research and Innovation in Social Science, 2024, vol. 8, issue 3, 2590-2602

Abstract: Market centers serve as vital economic hubs where transactions occur, impacting local economies profoundly. However, understanding the nuanced socio-economic dynamics within these centers remains crucial for informed policymaking and sustainable development. This study delves into the intricacies of market centers in Accra, Ghana, focusing on the Makola, Dome, and Madina markets. Drawing on established literature in market dynamics and economic development, the research employs a multi-method approach to analyze market users’ demographics, travel behaviors, and their willingness to invest in market infrastructure improvements. By addressing the specific problem of inquiry, namely, the need to comprehend the socio-economic factors influencing market participation and investment in market infrastructure, this study aims to provide actionable insights for policymakers and stakeholders. Through structured questionnaires and statistical analysis, the study uncovers nuanced insights into the pivotal role of market centers in local economies. Findings underscore the predominance of female market participants, the significant economic contributions of market centers, and the readiness of stakeholders to contribute to market improvements. By integrating theoretical frameworks like the travel cost method and willingness to pay assessments, this research contributes to a deeper understanding of the socio-economic dynamics shaping market participation. The study concludes with recommendations advocating for government intervention, community engagement, and targeted infrastructure investments to promote sustainable market development and foster economic resilience within local communities.

Date: 2024
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