$4 Billion Investment Expected as Ghana Moves Toward Full Implementation of 24-Hour Economy

The Ghanaian government has set an ambitious target to mobilize $4 billion over the next four years from global development partners and financial institutions to support the full-scale implementation of its 24-Hour Economy initiative. This strategic programme seeks to revitalize the country’s economy by promoting private sector involvement, creating employment opportunities, and ensuring prosperity for all Ghanaians.

Mr. Augustus Obuadum Tanoh, Presidential Advisor for the 24-Hour Economy Secretariat, disclosed the funding plans during a press briefing in Accra on Monday. This announcement came ahead of the official programme launch, scheduled for Wednesday, July 2. While the majority of the funds are expected from external sources, the government plans to kick-start the programme with an initial injection of $300 million in seed capital aimed at supporting businesses and individuals who join the initiative and scale up production.

The 24-Hour Economy programme is anchored on three main pillars: Production Transformation, Supply Chain and Market Efficiency, and Human Capital Development. These pillars are reinforced by eight thematic sub-programmes, including Grow 24, Make 24, Connect 24, Show Ghana, Go Ghana, Digital Technology, and Aspire 24.

Drawing on lessons from Ghana’s previous development efforts such as Kwame Nkrumah’s Seven-Year Development Plan, the Savannah Accelerated Development Authority (SADA), and the National Development Planning Commission’s 40-Year Development Plan, Mr. Tanoh emphasized that this initiative is crafted to build on past achievements and address earlier shortcomings for a more sustainable future.

Following its unveiling on July 2, the 24-Hour Economy policy document will be presented to Parliament for detailed discussion. This parliamentary engagement aims to garner bipartisan support to ensure the initiative’s smooth and comprehensive execution. Plans are also underway to elevate the 24-Hour Economy Secretariat to an Authority, expanding its mandate and operational capacity.

Mr. Abdul-Nasser Suglo Alidu, Head of Strategy and Programme at the Secretariat, provided insights into the programme’s sub-components and objectives. Central to the initiative is boosting production, with a particular focus on agriculture as the foundational sector. The programme intends to enhance the entire value chain, increase industrial productivity, and support an export-driven economy to promote food security and economic growth.

For example, the “Make 24” sub-programme focuses on strengthening local manufacturing of goods and services, while “Aspire 24” is designed to shift worker mindsets and reduce bureaucratic delays in the public sector to foster efficiency and higher productivity.

The “Show Ghana” initiative aims to highlight Ghana’s rich cultural heritage and strengthen ties with the diaspora to boost tourism. “Go Ghana” seeks to mobilize citizens to actively contribute toward nation-building, while the “Made-in-Ghana” campaign encourages patronage of locally produced goods to stimulate domestic industries.

Additionally, the programme will launch the Volta Economic Corridor, featuring industrial parks, agro-ecological zones, and enhanced lake transportation on the Volta Lake. This corridor is expected to be a catalyst for socio-economic growth within the region.

Designed as a nationwide initiative, the 24-Hour Economy programme leverages the talents and creativity of Ghanaians to accelerate economic transformation and generate employment. Mr. Abdul-Nasser cited examples of countries such as Singapore, Malaysia, China, and Denmark, which successfully adopted similar around-the-clock economic models. He expressed optimism that Ghana could soon become a leading industrial transformation model within West Africa and the broader African continent.

As the government prepares to launch this groundbreaking initiative, its focus remains on sustainable economic growth, empowering local industries, and improving livelihoods by fostering an inclusive, continuous economy that operates beyond traditional working hours.