This is quite common problem and I found a lot of tutorials to help me solve it, although, there is one additional problem with my case...
This is my config settings
Step 1: Open your MySQL console.
Step 2: Enter the Provided Command Lines
$use mysql;
$UPDATE mysql.user SET password="PASSWORD("YourPassword") WHERE user="root";
$FLUSH PRIVILEGES;
$exit;
Step 3: Open and edit your config.inc.php file located in your local server files
Step 4: Go to phpmyadmin
go to http://localhost/phpMyAdmin/.