Government is set to officially unveil its much-anticipated programme, the 24-hour economy policy today, Wednesday, July 2, marking a major step towards stimulating job creation, boosting productivity, and enhancing economic competitiveness.
The policy, which formed a central pillar of President John Dramani Mahama and the National Democratic Congress (NDC)’s 2024 election campaign, is designed to promote continuous economic activity across key sectors of the economy.
Speaking ahead of the launch, Presidential Advisor on the 24-hour Economy, Dr. Goosie Tanoh, described the initiative as a bold response to Ghana’s pressing unemployment and productivity challenges, adding that it has the potential to drive long-term, inclusive economic growth.
According to him, the 24-hour economy will focus on three priority areas: transforming production systems, improving the efficiency of supply chains and markets, and building a skilled workforce equipped to meet the demands of a modern, around-the-clock economy.
The initiative is projected to require $4 billion (approximately GHS 400 billion) over the next five years for its full implementation.
While the government has committed an initial $300 million to kick-start the process, Dr. Tanoh stressed that significant private sector investment will be key to its success.
The 24-hour economy policy was developed through broad stakeholder engagement, including consultations with businesses, labour unions, industry players, and citizens, to ensure the programme reflects the realities and aspirations of the Ghanaian people.
Government officials say the policy will also create an enabling environment for investors by addressing long-standing challenges such as inconsistent incentive regimes, high operational costs, and corruption-related bottlenecks.
In addition, the initiative will prioritise the development of ecological industrial zones, resolve land title issues, and leverage digital skills training to prepare the workforce for the demands of a 24-hour economy.
The government believes the policy will not only reduce unemployment and boost productivity but also help position Ghana as a competitive player in global markets.
Today’s official launch marks the start of a nationwide rollout of interventions aimed at building an economy that works for Ghanaians, day and night, all year round.
Source: Ghana/Starrfm.com.gh/Hamdia Mohammed
