Grace Ashiru
Ghana’s government intends to raise $4 billion over the next four years to fund its ambitious 24-Hour Economy program. The announcement was made on Monday, June 30, by Augustus Obuadum Tanoh, the presidential advisor for the program’s secretariat, according to the Ghana News Agency.
Mr. Tanoh stated that the government will pursue funding from development institutions and financial partners to support the initiative. He also confirmed that the state will provide an initial capital injection of $300 million to help businesses and individuals participating in the program enhance their production capacity.
The 24-Hour Economy initiative was introduced by Ghanaian President John Dramani Mahama as part of a broader strategy to revamp the national economy. The plan aims to unlock the country’s full potential by encouraging continuous productivity across key sectors. Authorities project that the program will generate 1.7 million jobs within four years, thereby fostering industrial growth and driving economic transformation.
Since assuming office, President Mahama has prioritized economic recovery amid challenges such as high public debt, ongoing debt restructuring, and persistent inflation. In November 2024, Ghana’s inflation rate climbed to 23%, up from 22.1% in October, while the unemployment rate stood at 3.1% in 2023, according to World Bank data.
The government has implemented stringent reforms to restore financial stability, including budget cuts and tax and energy sector reforms. These measures include the removal of several taxes, notably the controversial electronic transaction levy (E-Levy), and the renegotiation of contracts with independent power producers (IPPs) to lower capacity charges and reduce operational costs.
The complete economic policy document outlining the 24-Hour Economy will be presented to Parliament following its official launch scheduled for July 2.
