One year after the 24-Hour Economy (24H+) programme was launched in July last year, its Secretariat says it is moving beyond identifying the obstacles facing Ghanaian businesses and is now developing measures to address them.
The programme has secured statutory backing through the 24-Hour Economy Authority Act, 2026, while work is under way on a no-collateral credit guarantee scheme. A growing number of joint development agreements also form part of its implementation pipeline.
Abdul-Nasser Alidu, Chief Programme Officer of the 24H+ Secretariat, told the Daily Graphic that the programme was intended to deliver an “integrated and sustainable transformation” of Ghana’s economy. He said its first year had focused on establishing the foundations for that change.
The Secretariat’s initial assessment identified land, infrastructure and access to finance as the main constraints on business growth. Its findings were published in a book examining the barriers facing businesses.
A land access policy has since been completed, while about 600 hectares have been mobilised for priority investments. Under a participatory model, traditional authorities and land-owning communities will hold minority equity stakes in projects developed on their land.
The Secretariat has also identified about eight million hectares of arable land along the Volta Economic Corridor for large-scale agricultural investment.
In partnership with the National Petroleum Authority (NPA) and the downstream petroleum sector, 12 oil marketing companies and 268 filling stations have begun operating 24 hours. A further 33 manufacturing companies and about 11 state agencies have introduced multi-shift operations to provide round-the-clock services.
“We are working with Ghana Statistical Services to undertake research in the area of job creation, for independent data on that. The results will be there for all to see,” Mr Alidu said.
More than 10,000 businesses have registered for assistance through the Enterprise Support Programme, according to information from the Ministry of Labour, Jobs and Employment. The scheme is intended to help companies become investment-ready before they approach banks.
Financing remains a significant challenge. The Arab Bank for Economic Development in Africa (BADEA) has approved $290 million for small and medium enterprises. The money is being provided to participating banks rather than the Secretariat, with a substantial share channelled through Development Bank Ghana, which lends through commercial banks following their own assessments.
Mr Alidu said collateral requirements continued to prevent viable businesses from securing working capital. He cited an entrepreneur who built a soybean crushing facility in northern Ghana but was refused finance because banks wanted property in Accra rather than the Tamale facility.
The Secretariat plans to address such cases through a no-collateral credit guarantee scheme. It has signed a joint development agreement with a firm to establish the scheme and is seeking approval from the Bank of Ghana and the National Insurance Commission to create the fund and raise capital.
Projects and targets
As of May this year, the Secretariat reported $5.5 billion in joint development agreements within an $11.5 billion pipeline. This includes the $1.45 billion Buipe solar and battery project, which is expected to reduce industrial electricity costs from about 23 cents to nine cents per kilowatt-hour when its first phase becomes operational in 2027.
The Food and Drugs Authority has reached WHO Maturity Level 3, allowing certified medicines to compete for international tenders. The Legon Pharmaceutical Innovation Park at Asutsuare, being developed with the Ghana Infrastructure and Investment Fund, is expected to create about 30,000 jobs. Expressions of interest are due by October 31, 2026.
The 2026 Budget allocated GH¢110 million to the programme, whose goals are self-sufficiency, competitiveness and job creation.
The headline ambition is to reduce unemployment to below five per cent by 2035. Official figures show unemployment averaged 12.8 per cent in the first three quarters of 2025, while youth unemployment stood at 21.9 per cent.
Mr Alidu said the programme was designed to make government an enabler, with the private sector responsible for tackling business constraints and carrying the credit risk.
“The private sector must take the lead and assume the credit risk,” he said. “It is the only way this country can develop.”
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