24-Hour Economy Projected to Attract $4 Billion in Private Sector Investment
Presidential Advisor on the 24-Hour Economy, Goosie Tanoh, has projected that Ghana’s ambitious 24-Hour Economy initiative will attract an estimated $4 billion in private sector investment over the next few years.
Speaking ahead of the official launch of the policy alongside the Accelerated Export Development Programme, Mr. Tanoh underscored the initiative’s central objective of fostering long-term industrial growth, creating sustainable jobs, and boosting the country’s export competitiveness.
“The total investment required is about $4 billion times ten, so GHS400 billion. We hope it stays that way, and most of it is going to come from the private sector,” Mr. Tanoh stated.
He explained that the policy will focus on implementing key structural reforms to make Ghana a more attractive destination for business, particularly in response to the trend of firms relocating to neighbouring Côte d’Ivoire due to more favourable business conditions.
“One of the problems investors have had in working in Ghana – and I’m sure all of you have heard this – is the unpredictable and incoherent incentive regimes, the high costs of operations, and the under-the-table payments and corruption,” he noted. “Some companies have moved to Ivory Coast, where it is easier to do business. Our aim is to reverse that.”
Mr. Tanoh outlined that the 24-Hour Economy will centre on three main pillars: a coherent and transparent incentive regime based on performance, improved infrastructure, and secured industrial lands free from title disputes.
“The key components are a coherent, practical, transparent incentive regime with very little discretion – that’s how we eliminate corruption. Two, we’ll build ecological paths to ensure both domestic and foreign investors have access to land without litigation or disputes,” he explained.
The 24-Hour Economy, a flagship policy of the current administration, is expected to transform Ghana’s economic landscape by encouraging round-the-clock industrial activity, increasing productivity, and strengthening the country’s export base.
