Gov’t Set to Roll Out 24-Hour Economy Policy in July
President John Dramani Mahama has announced that his administration is set to roll out its flagship 24-Hour Economy Policy, with plans to activate the Volta Lake as a key logistics corridor and decentralise the policy’s implementation across all districts.
Addressing stakeholders at a multi-sectoral engagement at the Jubilee House, President Mahama disclosed that the final draft of the 24-hour economy policy framework has been completed and reviewed, describing it as “coherent and actionable” with the capacity to deliver meaningful results.
“I have reviewed it, and I’m confident we now have a coherent and actionable framework with which to deliver the results,” the President stated. “An effective catalyst for the 24-hour economy policy is a stable macroeconomic environment, which we are achieving through close coordination between the monetary and fiscal authorities.”
To facilitate the policy’s implementation, the government plans to set up a 24-Hour Economy Secretariat. President Mahama revealed ongoing collaboration with Parliament to establish the secretariat as an independent authority underpinned by legislation and reporting directly to the presidency.
A key pillar of the policy is the transformation of the Volta Lake and its basin into a national production and logistics hub. According to President Mahama, the Volta Lake Economic Corridor will see the cultivation of over two million hectares of lakeside arable land, revitalisation of fisheries, and the establishment of industrial parks targeting both domestic and regional markets.
“The lake will be activated as a transport highway, moving food, people, and goods more efficiently than our congested roads allow us to do currently,” he said.
New investments will be channelled into floating assets, port infrastructure, and strategic partnerships to drive this transformation.
The 24-Hour Economy Policy, one of President Mahama’s key 2024 campaign promises, aims to boost job creation and inclusive economic growth by identifying and developing value chains in sectors such as agro-processing, pharmaceuticals, textiles, light manufacturing, tourism, digital services, and the creative arts.
“Each one has specific bottlenecks and the program outlines targeted solutions,” President Mahama explained.
Infrastructure development under the policy will be led by the Ghana Infrastructure Investment Fund (GIIF), while the Development Bank Ghana (DBG) and the Venture Capital Trust Fund (VCTF) will provide financing for SMEs, cooperatives, and agribusinesses.
The policy also outlines comprehensive land reforms and skills development initiatives. The government, the President noted, will develop zoned and titled land banks to expedite investment decisions, while the Aspire24 sub-programme will equip the youth with skills for shift-based roles, digital jobs, and entrepreneurship.
Importantly, the 24-hour economy model is designed to be decentralised. Each district will establish its own task force, under the auspices of the local assemblies, to drive implementation in alignment with district-specific economic strengths.
“It is not a top-down model. It is decentralised,” President Mahama emphasised. “This will allow each region to define and lead its path of industrial transformation based on its natural comparative advantages.”
The draft policy document will be released for public consultation on Tuesday, with the official programme launch slated for July, likely on Republic Day.
“This is no longer just a vision. It is a structured, sequenced, and inclusive plan, and its implementation is beginning,” President Mahama concluded.
The 24-Hour Economy Policy is poised to become a cornerstone of President Mahama’s second administration, reflecting his broader agenda of sustainable, jobs-led economic transformation.
