Diaspora Investment Critical to Success of 24-Hour Economy – Goosie Tanoh
By Maame Efua Kwaduah
Presidential Advisor on the 24-Hour Economy and Accelerated Export Development, Mr Goosie Tanoh, has called on Ghanaians living in the United Kingdom to channel investments into Ghana to support the implementation of the government’s 24-Hour Economy policy and related development initiatives.
Addressing a town hall meeting in London, Mr Tanoh said diaspora investments would play a crucial role in financing export-oriented value chains, facilitating technology and skills transfer, and strengthening partnerships with local industries.
The engagement, organised by the Ghana High Commission in London, formed part of President John Dramani Mahama’s five-day official visit to the United Kingdom. The event provided an opportunity for the President to interact with members of the Ghanaian diaspora, brief them on the country’s economic recovery efforts, and encourage greater participation in national development through investment and expertise.
Mr Tanoh used the platform to provide an update on the progress of the government’s flagship 24-Hour Economy programme while making a strong case for increased diaspora involvement in Ghana’s industrial transformation agenda.
He observed that Ghana’s economy had, for nearly six decades, experienced cycles of growth followed by balance-of-payment challenges that often resulted in recourse to support from the International Monetary Fund (IMF).
According to him, Ghana has entered 17 IMF-supported programmes since 1966, averaging one programme every three and a half years.
“Each time we’ve gone to the IMF, for a brief period, our national books are restored for a time. Unfortunately, each time we have gone and come back, the basic structures of our economy, the underlying structural deformity of the inherited colonial economy remains,” he stated.
Mr Tanoh explained that President Mahama’s Reset Agenda is anchored on two key pillars, the first being disciplined macroeconomic management. He said significant improvements had been recorded within the past 17 months.
He cited a sustained decline in inflation, which he said had fallen considerably over the period despite a recent increase linked to external pressures. He described the trend as the lowest inflationary level recorded in more than four years following 15 consecutive months of decline.
He also noted that the Bank of Ghana’s policy rate had been reduced from 28 per cent to 14 per cent, while the cedi had remained relatively stable under the central bank’s management.
Mr Tanoh further indicated that Ghana’s external reserves had strengthened, providing close to six months of import cover, with the Bank of Ghana holding nearly 38 tonnes of gold as part of its reserve assets.
He added that the country had recorded a significant trade surplus during the first few months of 2026 and that public debt had fallen from a peak of 92.4 per cent of Gross Domestic Product (GDP) to approximately 48 per cent.
According to him, economic growth reached 7.7 per cent in the first quarter of 2026, following an expansion of 6 per cent in 2025.
He credited the progress to prudent fiscal management by the Finance Minister, the Governor of the Bank of Ghana and the broader economic management team under President Mahama’s administration.
Despite the positive growth figures, Mr Tanoh noted that Ghana’s economic structure remains heavily dominated by the services sector, which accounts for nearly 60 per cent of growth, while agriculture contributes about 25 per cent.
Industry, including manufacturing, processing and construction, contributes roughly 12 per cent and continues to grow at a comparatively slower pace.
“Our strategy moves on two deliberate tracks. The first is export-led. We are building productive capacity where Ghana has latent advantage,” he said.
He disclosed that development efforts were underway across the Volta Economic Corridor, which covers 75 districts surrounding the Volta Lake and its tributaries. The initiative focuses on garments, pharmaceuticals and other light manufacturing industries supported by affordable energy.
Mr Tanoh highlighted four major agreements signed within the last 90 days, which are projected to create more than 160,000 jobs. These projects include the Buipe Solar Farm, the Kambonwule Oil Palm Anchor Project, the Bioenergy and Biofuels Programme, and the Tamale Air Cargo Hub.
He explained that the $300 million Kambonwule Oil Palm Anchor Project is designed to promote large-scale sustainable palm cultivation and reduce Ghana’s dependence on imported vegetable oil.
The Tamale Air Cargo Hub, expected to begin operations in 2027 through two designated operators, is also projected to position northern Ghana as a major export and logistics centre.
