Property worth thousands of Ghana cedis have been destroyed, but no casualty has been reported yet.
The inferno which started about 9:30pm Saturday, according to residents, flattened several structures, Joy News has gathered.
The market is a major trading area operated mainly by auto mechanics and spare parts dealers.
This comes only a couple of days after the country's Central Medical Stores was consumed by a fire that took fire personnel about four days to fight.
The state is estimated to have lost over Ghc230 million worth of drugs and medical supplies consumed by the fire.
The cause of the blaze at Kokompe is yet to be determined.
It is the second time in a little over three years that fire has gutted the area.
Earlier Saturday, fire destroyed a part of the Asokwa Shell filling station in Kumasi in the Ashanti Region. a vehicle was also burnt entirely in the inferno.