Ghana’s 24-Hour Economy: A Viable Investment Opportunity Built on Transparency and Accountability
Ghana’s ambitious 24-Hour Economy and Accelerated Export Development (24H+) initiative is poised to revolutionize the nation’s economic landscape, promising continuous, inclusive, and resilient growth. At the heart of this transformative vision lies a commitment to transparency and accountability, aiming to attract both local and international investors while assuaging concerns about potential risks associated with government-backed projects. Mr. Alexander Kofi-Mensah Mould, CEO of the Millennium Development Authority (MiDA), addressed these concerns head-on, assuring investors of the initiative’s viability and robust foundations.
Mr. Mould, a seasoned finance expert, acknowledged the historical challenges faced by investors in Ghana, including concerns about corruption, political interference, and project discontinuity following changes in government. He emphatically stated that the 24H+ Programs would prioritize “bankable” projects, ensuring investor capital protection and assured returns. Each project under the six distinct programs will undergo rigorous vetting processes, supported by comprehensive feasibility studies, clear regulatory frameworks, and well-defined risk mitigation strategies. This meticulous approach aims to instill confidence in investors, demonstrating that the initiative offers not just mere ideas, but executable, results-driven projects with tangible benefits.
MiDA’s impressive track record further bolsters the credibility of the 24H+ initiative. Mr. Mould highlighted MiDA’s successful execution of over $1.1 billion worth of projects across various sectors, including infrastructure, energy, and agriculture. These projects, funded by the U.S. Millennium Challenge Corporation, were implemented under stringent governance standards, showcasing MiDA’s commitment to transparency and accountability. This experience positions MiDA as a capable and reliable partner, equipped to lead the charge in realizing Ghana’s economic ambitions.
The 24H+ initiative aims to leverage the capital markets effectively to fund its ambitious development plans. Mr. Augustus Obuadum Tanoh, Presidential Adviser on the 24-Hour Economy and Accelerated Export Development, outlined the initiative’s focus on mobilizing both domestic and foreign investment, managing risks associated with extended operational hours, and ensuring the policy’s long-term sustainability. The goal is not simply to increase working hours, but to create a smarter economic structure that fosters job creation, strengthens infrastructure, and promotes export-oriented growth.
Accountability is a cornerstone of the 24H+ initiative. Nana Dwemoh Benneh, CEO of the Ghana Infrastructure Investment Fund (GIIF), emphasized the commitment to providing regular progress reports to stakeholders. These reports will cover project milestones, financial performance, and alignment with strategic goals, ensuring transparency and facilitating informed decision-making. Independent external audits of GIIF’s financial activities will further enhance accountability, complemented by impact assessments to measure the tangible benefits of investments in driving infrastructure development across the country.
The Capital Market Operators Roundtable served as a critical platform for fostering dialogue and collaboration between the government and key financial stakeholders. This engagement signifies a significant step towards aligning Ghana’s financial sector with the bold vision of the 24H+ initiative. By addressing investor concerns and emphasizing transparency, accountability, and robust project execution, the government is laying a solid foundation for attracting the necessary capital to fuel Ghana’s economic transformation. Championed by the 24H+ Secretariat, with partners like MiDA and GIIF, the initiative promises to translate the vision of a thriving 24-hour economy into a tangible reality, driving sustainable and inclusive growth for all Ghanaians. The commitment to rigorous governance, coupled with a focus on delivering tangible results, positions the 24H+ initiative as a promising opportunity for investors seeking both financial returns and positive social impact.
