This is the third fire outbreak in 11 months.
Eyewitnesses say the fire started at about midnight. The affected areas include Adehye and Tweapea line.
Luv FM's Prince Appiah reported, the fire thought to have gone out, has re-ignited this afternoon.Fire service personnel who left the scene after midnight have not returned.
In June last year, about 30 shops were razed down in a similar fire incident at the market.
Ghana Fire Service recommened a re-wiring of the entire market after the June 2013 fire, however, a trader who lost his shop to the fire says city authorities did not heed the advice.
In February this year, more than 100 shops were levelled by fire.
Although the cause has not been established, faulty wires have been the established cause of the last two incidents.
Fire destroyed shops dealing in pottery, cosmetics, clothing and accessories and food items. The loss according to the traders could be in tens of thousand Ghana cedis.