The fire is said to have started around 9am on Monday morning on the last floor of the three-story building.
According to eye witnesses, it started as just a spark of fire. They called on the fire service station that is sitted a few metres away but they said, "they do not have water" to stop the flames.
The fire then spread to other floors destroying properties as the traders and other spectators looked on.
Later, Officers of the Ghana National Fire Service (GNFS) battled with at the Makola Market, which destroyed a three-story building and valuables ran into millions of Ghana cedis.
Although no casualty was recorded, traders who have lost goods to the tune of millions of Ghana cedis were bearing the brunt of the inferno which started as just a spark of fire.
The mayor of Accra, Mohamed Adjei Sowah and some representatives from the Metropolitan Assembly visited the scene to assess firsthand the severity of the inferno.
In an interview, Mr. Sowah said the fire service couldn't respond to the initial calls of the traders due to inaccessibility to water.
According to him, although the Tutu fire service station has water hydrant, getting water for the equipment is the issue.