A GNA Feature by D.I. Laary
Accra, Feb. 21, GNA – The government’s push toward a 24‑hour economy gained accelerated momentum last Thursday when President John Dramani Mahama assented the 24‑Hour Economy Authority Bill, 2025.
The measure now gives the long‑discussed policy its legal foundation and opens the way for full implementation of a programme the government and experts consider central to the country’s next phase of economic transformation.
The signing, done ahead of the 13th Cabinet meeting, establishes a 24‑Hour Economy Authority to coordinate ministries, regulators and private‑sector actors involved in the rollout.
“Cabinet colleagues, I just appended my signature to give assent to the 24‑Hour Authority Bill. This bill, which Ghanaians have been waiting for, which was one of our flagship strategies for economic transformation,” President Mahama said, in a statement issued by the presidency.
He explained that the process took time because the government wanted to ensure “due diligence to give legal effect to the policy initiative.” Now that the law is in place, he said, attention must shift to its operational execution.
“We must now move from strategy to implementation. The business sector is waiting, Ghanaian investors are waiting, and foreign investors are waiting,” he said.
“They want to see the package of incentives that we can afford so that they can invest more, expand productivity, and also create more employment for our young people.”
The 24‑hour economy is designed to reduce the country’s import burden, expand domestic production, and create new job opportunities through round‑the‑clock operations in targeted sectors.
President Mahama has repeatedly described the initiative as “more than just a policy,” calling it “a catalyst for industrialisation, export promotion, and job creation” and a step toward building “an economy that works for everyone every hour of the day.”
Mr Goosie Tanoh, the president’s advisor for the programme, said the shift marks a broader change in national planning. “This is about moving from dependency to self‑reliance and from underemployment to dignified, decent work,” he said.
The initiative is anchored on eight linked subprograms covering agriculture, industry, logistics, skills development, and public sector reforms.
Grow24 focuses on agricultural transformation through initiatives such as the Eden Volta project, Agbleduwo agroecological parks, and Shikpon smart urban farming clusters.
These initiatives blend irrigation, renewable energy, and modern processing to improve food system reliability.
Make24 expands its industrialisation efforts, including plans for 50 industrial parks across the country.
Build24 upgrades transport and logistics infrastructure, roads, inland water transport on the Volta Lake, and new air‑cargo facilities.
Show24 targets growth in the arts, heritage, and tourism industries.
Connect24 works on logistics improvements, including cold chain infrastructure, digital trade platforms, and smoother inland waterway systems.
Fund24 channels long‑term capital into priority sectors through partnerships with Development Bank Ghana and the Ghana Infrastructure Investment Fund.
Aspire24 expands technical and digital skill training, emphasising digital literacy, ethical awareness, and industry-relevant competencies.
Go24, the final pillar, helps ministries and local authorities to extend service hours and adjust regulations to support safe and predictable nighttime economic activity.
To encourage firms to operate longer hours, the government has introduced a package of incentives. Companies running two shifts receive a 25 per cent corporate tax rebate, while those operating three shifts qualify for 50 per cent.
Import duty waivers apply to machinery and equipment used in targeted agricultural and industrial activities.
Export‑oriented firms may access concessional loans, rebates, value-added bonuses, and logistics credits.
Investors deploying green technologies may also qualify for carbon credits and priority permitting.
Several projects tied to the rollout are advancing. The Volta Economic Corridor, a logistics and production hub, is still under construction.
The Legon Pharmaceutical Innovation Park is expanding local pharmaceutical production, while the Kumasi Machinery and Technology Park aim to reduce reliance on imported industrial equipment.
The government is also reviving the Akosombo–Juapong Garments and Textiles Park, which is projected to create around 20,000 jobs.
The government is setting up TVET Digital Centres of Excellence across the regions to support digital skills training and entrepreneurship.
More than 5,000 small and medium‑sized enterprises are participating in the Ghana 24/7 Readiness Programme, which prepares businesses for extended operations.
SMEs that meet the required standards are certified as “24/7 ready,” enabling them to apply for financing and technical assistance.
The Ghana Chamber of Commerce has backed the initiative, saying it is helping to drive “fundamental economic transformation” by strengthening productivity and competitiveness.
The Association of Ghana Industries (AGI) has also expressed its support for the initiative, with its president, Pharm Kofi Nsiah Poku, saying the approach “encourages investment, enhances supply chains, and gears Ghana toward an export-led economy.”
Trade unions have offered cautious approval, stressing that any extension of working hours must come with fair wages and proper safeguards for worker well-being.
Economists say the policy presents significant opportunities but caution that success will depend on reliable energy supply, efficient logistics, and access to long‑term finance.
While government officials say the policy puts people at the centre of economic planning and is meant to build a more inclusive and sustainable system, analysts view it more broadly.
They argue that the real goal is to keep economic activity running more smoothly throughout the full 24‑hour cycle, creating space for more jobs and stronger productivity.
GNA
Edited by Linda Asante Agyei