Ghana's 24-Hour Economy: A Promise Fulfilled, One Year On
John Mahama's ambitious vision of a 24-hour economy in Ghana is no longer just a campaign promise but a tangible reality taking shape. One year into his presidency, the policy is showing remarkable progress, with significant groundwork laid to transform the concept into a fully functioning economic ecosystem. This comprehensive approach has resulted in the identification of over 50 potential projects, with detailed concept notes already completed for 20 of them.
The initial phase focused on building the necessary infrastructure and institutional framework. The Secretariat, responsible for spearheading the policy, is now fully operational and poised to transition into the 24H+ Authority, signaling a move towards greater autonomy and impact. Operating Management Units (OMUs) and Project Management Committees (PMCs) have been established, working in tandem with key stakeholders like the Ghana Infrastructure Investment Fund (GIIF) and the Millennium Development Authority (MiDA) to ensure effective coordination and execution. Policy Labs have been instituted to align all relevant ministries under a unified framework, fostering synergy and eliminating redundancies.
Addressing the crucial issue of land access, the Participatory Land Access Model (PLAM) has identified a vast 285,000 hectares of land suitable for development, facilitating smoother project implementation.
Recognizing the critical role of energy supply, two significant power projects are underway, aiming to provide electricity at competitive rates below USD0.07/KWH. These projects include a 1500MW solar plant in Buipe and a 500MW biomass plant in the Nkwanta North District of the Oti Region, demonstrating a commitment to renewable energy sources.
Several flagship projects are already taking shape. The design of Ghana's first Net-Zero Green Economic Zone is underway, positioning Ghana as a leader in sustainable development. The Volta Multimodal Transport Project and the Tamale Air Cargo Hub are both at the feasibility stage, poised to transform transportation and logistics. Other projects, including the LePIP, Kumasi M-Tech Park, Northshore Light Industrial Park, Volo-Battor Agroecological Zone, and Regional Garment Parks, are also undergoing feasibility studies, highlighting the diverse sectors benefiting from the 24-hour economy initiative.
Investment and enterprise growth are central to the policy's success. A 20 million Euro UNDP-Italy Smart-Agri Markets project, spanning the Volta, Bono, and Savannah Regions, has been approved to bolster the agricultural sector. Additionally, USD 1.9 million has been secured from the Civil Society Fund for Cooperative Development to empower local communities.
The government is actively working to reduce the cost of funds, de-collateralize debt, and facilitate long-term funding for businesses. This includes a Memorandum of Understanding (MOU) with Petra to establish a GHS 1 billion 24H+ Equity Fund, complementing the Venture Capital Trust Fund's (VCTF) own 24H+ Equity Fund. Additional financial support includes a USD 500 million BADEA credit line for SME on-lending, a GBP 200 million GHIB facility for value-chain financing, and a USD 2 billion non-collateral credit guarantee facility currently under development.
To incentivize participation, an attractive incentive framework has been introduced. This includes tax rebates for 2-shift (10%) and 3-shift (20%) operations, duty-free import of machinery and equipment, export-performance bonuses, and time-of-use power tariffs, all designed to reward continuous operations, job creation, and local value addition.
The private sector response has been encouraging. As of November 5, 2025, 193 formal applications have been received from Ghanaian enterprises and cooperatives eager to participate. Companies and cooperatives are invited to apply via the dedicated website, www.24hplus.gov.gh, where they can express interest in investing in Special Purpose Vehicles (SPVs), participate in specific projects, or apply to be in the readiness program.
In conclusion, Ghana's 24-hour economy is progressing rapidly, driven by a well-structured approach, strategic partnerships, and a clear focus on fostering private sector participation. The foundation is being laid for a more vibrant and inclusive economy, one that promises to create opportunities for young Ghanaians and drive sustainable growth for the nation. The next few years will be crucial in solidifying these gains and ensuring the long-term success of this ambitious initiative.
