24-Hour Economy Secretariat targets structural transformation through agri-corridor investments and patient capital – Dr Ishmael Dodoo
The Director and Head of Innovative Finance at the 24-Hour Economy Secretariat, Dr Ishmael Dodoo, has underscored the need for a structural reset of Ghana’s economy through the implementation of the GROW24 framework, aimed at boosting local ownership, value addition, and sustainable industrial development.
Speaking at the 14th Ghana Economic Forum (GEF) in Accra, themed “Currency Stability – A Reset for Sustainable Economic Growth,”Dr Dodoo noted that Ghana’s economic deformities stem from heavy import dependence and foreign dominance in key sectors.
“The deformity in the economic structure is real — to the extent that your second and third largest imports total about $350 million annually. And 80% of our GDP is owned by three countries which are foreign to this nation,” he stated.
Dr Dodoo explained that the GROW24 initiative seeks to address these structural gaps by creating agricultural growth corridors anchored on cassava, rice, maize, soy, and sugarcane production. Under the initiative, 300,000 hectares of land have been secured and developed into land banks with supporting infrastructure — including irrigation, energy, and storage facilities — to attract private sector investment.
“We have more than 10 investors who have expressed interest and signed deals, and over 60,000 cooperatives have been organised around these corridors to act as aggregators,” he disclosed.
According to him, these agri-corridors are also linked to processing zones and industrial clusters, such as value-chain cassava processing plants, aimed at enhancing local production for both domestic consumption and export.
To address the long-standing challenge of access to finance for small and medium enterprises (SMEs), the Secretariat has established Special Purpose Vehicles (SPVs) to provide patient capital through a ₵500 million SME facility, offering concessional loans between 7% and 10% interest with three to five years moratorium.
“These SPVs allow us to financially engineer debt and equity instruments to make capital accessible. Eventually, we want to see Ghanaians own the cassava, rice, and maize corridors — as well as the industrial setups that process them,” Dr Dodoo said.
He further highlighted the importance of aligning procurement policies with local production to support the 24-hour economy initiative, citing the need for government agencies to prioritise locally produced goods.
“You cannot grow rice locally and still have the Public Procurement Authority importing rice for school feeding programmes. We have to eat what we grow — that’s fundamental,” he stressed.
Dr Dodoo added that the success of the 24-hour economy agenda will also depend on reforms in labour, monetary, and environmental policies, as well as adherence to ESG and halal certification standards, to position Ghanaian enterprises for international funding and market access.
The 14th Ghana Economic Forum, organised under the theme “Currency Stability – A Reset for Sustainable Economic Growth,” brought together key policymakers, business leaders, and economists to discuss strategies for economic resilience and inclusive growth.
