Mahama’s 24-Hour Economy to run on local Power, jobs
By: Solomon Nartey Tetteh
President John Dramani Mahama has announced that Ghana’s proposed 24-hour economy will be rolled out through a decentralized framework, with each district forming its own task force to oversee implementation.
Speaking at a recent stakeholder engagement, President Mahama emphasized that the 24-hour economy is not a one-size-fits-all approach but a locally driven initiative.
“Each region will define and lead its path of industrial transformation, based on its natural comparative advantages,” he said.
The 24-hour economy aims to tackle major economic challenges like unemployment, underutilized infrastructure, and low productivity by boosting priority sectors including agro-processing, pharmaceuticals, textiles, light manufacturing, tourism, digital services, and the creative economy.
To support this, the Ghana Infrastructure Investment Fund will spearhead the development of industrial parks, logistics hubs, and transport upgrades to enable round-the-clock operations. Financial support will come from the Development Bank of Ghana and the Venture Capital Trust Fund, focusing on SMEs, cooperatives, and agribusinesses in key sectors.
Addressing land acquisition challenges, the plan includes setting up local land banks that are zoned, titled, and investment-ready to speed up processes and attract investors.
A key pillar of the policy is skills development. The Aspire24 program will train young people for shift-based jobs, digital roles, and entrepreneurship opportunities.
“Aspire24 will prepare our youth to thrive in this new economy,” President Mahama noted. Incentives will also be introduced, including tax relief on machinery and inputs, fast-tracked regulatory approvals, and export facilitation to encourage business participation.
