- Ghana will raise $4 billion and invest $300 million upfront to support businesses and individuals under the 24-Hour Economy initiative.
- The program aims to create 1.7 million jobs and boost industrial growth by promoting round-the-clock productivity across key sectors.
The Ghanaian government plans to raise $4 billion over the next four years to fund its ambitious 24-Hour Economy program. According to the Ghana News Agency, presidential advisor Augustus Obuadum Tanoh, who leads the program’s secretariat, announced the plan on Monday, June 30.
Mr. Tanoh said the government will seek funding from development institutions and financial partners to support the initiative. He also confirmed that the state will inject $300 million in initial capital to help businesses and individuals in the program scale up their production capacity.
President John Dramani Mahama introduced the 24-Hour economy as a broader strategy to revitalise the national economy. The economy must unlock Ghana’s full economic potential by promoting continuous productivity across key sectors. Authorities expect the program to create 1.7 million jobs within four years, stimulate industrial growth, and drive economic transformation.
Since taking office, President Mahama has focused on economic recovery in the face of high public debt, ongoing debt restructuring, and persistent inflation. In November 2024, Ghana’s inflation rate rose to 23%, up from 22.1% in October, while the 2023 unemployment rate stood at 3.1%, according to the World Bank.
To stabilise the economy, the government has rolled out a series of stringent reforms, including budget cuts and changes in the tax and energy sectors. These measures include scrapping several taxes, notably the controversial electronic transaction levy (E-Levy), and renegotiating contracts with independent power producers (IPPs) to lower capacity charges and reduce operating costs.
The government will present the full economic policy document detailing the 24-Hour Economy to Parliament following the program’s official launch on July 2.