President Mahama Urges Business Community Participation in 24-hour Economy in Inaugural Speech
President John Dramani Mahama has called on Ghana’s private sector and business community to support his government’s vision of a 24-hour economy, emphasizing its potential to create jobs, stabilize the economy, and attract foreign investment.
Delivering his inaugural address at the Independence Square on Tuesday, January 7, 2025, President Mahama stated that his administration’s mission hinges on private-sector collaboration to implement this transformative policy.
“Together with the private sector and businesses, we will create decent jobs, and the future of the youth will be our priority. Our mission hinges on the implementation of a vibrant 24-hour Ghanaian economy, which will be anchored on Ghanaian businesses,” the President said.
The call for a 24-hour economy comes in response to Ghana’s recent economic challenges, including exchange rate volatility driven by excessive imports.
Boosting Local Industry and Import Substitution
President Mahama – then the former President – during a media engagement on July 7, 2024, asserted that the 24-hour economy policy would establish a robust foundation for accelerated growth and development, enhancing both production and distribution capabilities within the economy.
The President highlighted the policy’s potential to replace imports with locally produced goods, revitalizing Ghana’s industrial sector.
“This model will catalyze the production of import substitutes and reduce our dependence on foreign goods,” he said.
To encourage private sector participation, the government plans to roll out targeted stimulus packages for businesses adopting the round-the-clock operational framework. These incentives aim to support companies in scaling up production and aligning their operations with the demands of the 24-hour economy.
Backbone of Economic Transformation
President Mahama reiterated that the success of the 24-hour economy would depend on active private sector participation, describing it as “the backbone of the Ghanaian economy.”
He urged businesses to seize the opportunity to be part of this transformative agenda.
As the government begins implementing the policy, its focus will be on fostering innovation, driving productivity, and creating a sustainable economic environment to secure long-term growth.
