Mahama unveils decentralized plan for 24-hour economy
By: Solomon Nartey Tetteh
President John Dramani Mahama has revealed that his proposed 24-hour economy policy will be rolled out through a decentralized system, with each district forming its own task force to oversee implementation.
The policy, aimed at addressing unemployment, low productivity, and underutilized infrastructure, has become a key focus of Ghana’s economic discussions ahead of the 2024 polls.
Speaking at a stakeholder engagement, Mr. Mahama explained that the 24-hour economy will not follow a top-down approach but will empower regions and districts to take charge based on their unique strengths.
“Each region will define and lead its path of industrial transformation, based on its natural comparative advantages,” he stated.
The policy prioritizes key value chains including agro-processing, pharmaceuticals, textiles, light manufacturing, tourism, digital services, and the creative economy. Specific solutions will be tailored to address challenges in each area.
The Ghana Infrastructure Investment Fund will spearhead the development of industrial parks, logistics hubs, and upgraded transport systems to support round-the-clock operations.
To enhance financing, the Development Bank of Ghana and the Venture Capital Trust Fund will provide increased support to SMEs, cooperatives, and agribusinesses in these sectors.
Mr. Mahama said land acquisition will be eased through the creation of zoned, titled, and investment-ready land banks to remove delays and uncertainty for investors.
A key part of the programme is skills development. The Aspire24 sub-programme will train young people for shift-based jobs, digital roles, and entrepreneurship.
“Incentives will be introduced for participating businesses, including tax reliefs on machinery and inputs, fast-tracked regulatory approvals, and export support,” Mr. Mahama added.
He emphasized that the overall goal of the 24-hour economy is to stimulate sustainable, inclusive growth while empowering local communities.
