Accra: President John Dramani Mahama on Wednesday engaged the leadership of businesses and captains of industries on the Government's new '24-Hour Economy Policy' at the Presidency in Accra. The '24-Hour Economy Policy' aims to stimulate economic activity by encouraging businesses to operate around the clock, or at least in multiple shifts, to increase productivity and create jobs.
According to Ghana News Agency, the President's multi-sectoral engagement on the implementation of the '24-Hour Economy Policy', which is a crucial part of a national reset agenda of the government, was attended by over 200 participants. President Mahama described the 24-Hour vision as both a destination and a programme, reflecting a state where Ghana's productivity and capital utilization would increase significantly, necessitating operations in multiple shifts across day and night.
The idea, which captured public imagination during the 2024 campaign, remains central to their drive towards full employment and inclusive economic growth. As a programme, the 24-Hour Economy demands a thorough restructuring of the productive economy, with a focus on boosting volumes and shifting from raw materials reliance to the export of value-added products, foods, pharmaceuticals, garments, industrial inputs, and digital services.
Earlier this month, President Mahama received a complete draft of the 24-Hour Economy Policy from his advisor, Mr. Goosie Tanoh. Having reviewed the report, the President is confident in the coherent and actionable framework it provides. An effective catalyst for the policy is a stable macroeconomic environment, achieved through close coordination between monetary and fiscal authorities, focusing on production, enterprise, jobs, and exports.
The core of the policy is an integrated value chain transformation approach, addressing structural bottlenecks comprehensively through infrastructure, finance, land systems, logistics, and skills development. One of the boldest proposals is the development of the Volta Lake Economic Corridor, envisioned as a national production zone and logistics fund. The policy document is set to be made public on Tuesday, June 3.
Additionally, the 24-Hour Economy Secretariat will be decentralized to the district level for widespread benefit. The Government plans to officially launch the 24-Hour Plus programme on July 1st, coinciding with Ghana's Republic Day.