The renewal of Ghana's urban markets is complicated by sociocultural, economic, and political factors, as in many other sub‐Saharan African nations. In Ghana, in particular, the nature of urban market infrastructure renewal (UMIR) projects have been attributed to top‐down management and delivery in most developing countries. This study adopts the stakeholder theory as a lens to understand the multi‐stakeholder involvement in the urban market's renewal process and the implications for sustainable urban market development in Ghana, using Tamale Metropolis as a case study. Interview guides were used, and data were collected from 23 market operators and representatives of relevant stakeholders responsible for urban market infrastructure renewals. According to the article, most traders claimed that the market renewal process did not accept input from identifiable groups and that, where information was requested, it was primarily led by experts. The study recommends that metropolitan/municipal/district assemblies or local governments in developing nations provide their physical planning departments with the necessary financial resources throughout the urban market infrastructure renewal process to guarantee the outputs (i.e., engagement of stakeholders). Additionally, urban market infrastructure renewal interventions and policies should positively influence the development of state institutions. This is due to the co‐evolution of society and the economy, which should not be seen in isolation. The bottom‐up policy should consider the normative codes and the setting in which people live and work. The top‐down policy should assist evolving institutions, but it should also be a continuous process.
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