The Ghanaian government is embarking on an ambitious economic transformation initiative known as the 24-Hour Economy. This policy goes far beyond simply implementing multiple work shifts; it encompasses a comprehensive strategy aimed at industrializing the nation, creating jobs, boosting local production, and enhancing Ghana’s global competitiveness. The initiative focuses on eight strategic priority areas, each designed to address a specific economic challenge and contribute to overall national development. These interconnected anchors represent a deliberate and visionary approach to reshaping the Ghanaian economy.
The first anchor, GROW24, focuses on revitalizing the agricultural sector. This involves initiatives such as the Eden Volta Breadbasket Project, urban vegetable farming, and the development of agroecological parks. GROW24 prioritizes strategic value chains like vegetables, grains, oilseeds, and poultry to enhance food security, alleviate rural poverty, and reduce reliance on imports. Emphasis is also placed on developing post-harvest infrastructure and providing housing for agricultural workers, ensuring both increased productivity and improved living conditions for those involved in food production.
BUILD24, the second anchor, targets the modernization of Ghana’s infrastructure. This includes promoting green building practices, revitalizing the local construction materials industry, and establishing a Construction Industry Development Authority (CIDA). These measures aim to reduce building costs, create employment opportunities, and promote innovation in sustainable housing and public infrastructure. Demonstration projects will showcase the potential of local industries and stimulate demand for locally produced materials.
CONNECT24 focuses on strengthening logistical networks to connect producers with markets. Investments in cold chain logistics, air cargo terminals, and Volta Lake transport enterprises will facilitate the movement of goods, particularly perishable agricultural products. This anchor is crucial for promoting agro-processing, expanding export opportunities, and fostering regional integration. Improved logistics will enhance the efficiency and competitiveness of Ghanaian businesses.
ASPIRE24 addresses the need for a skilled and adaptable workforce. This involves establishing digital literacy centers, mainstreaming Technical and Vocational Education and Training (TVET), and developing programs for multilingual and older workers. By equipping citizens with the necessary skills for the modern economy, ASPIRE24 aims to transform Ghana into a hub of talent and innovation. This focus on human capital development will empower individuals and communities to participate fully in the economic transformation.
FUND24 tackles the crucial issue of access to finance. A national SME lending platform and value chain financing project will provide a digitized interface connecting businesses with capital. This initiative aims to remove the financial barriers faced by Ghanaian entrepreneurs, enabling them to access the funding they need to grow their businesses and contribute to the economy. Improved access to finance will be a catalyst for innovation and expansion across various sectors.
MAKE24 focuses on boosting industrial production. The development of textile and garment parks, pharmaceutical innovation hubs, and herbal medicine projects will promote local manufacturing and reduce reliance on imports. This initiative includes the production of agricultural and processing machinery, further strengthening local industries and creating new opportunities for economic growth. The establishment of industrial belts, such as the one planned from Ho to Kumasi and Koforidua to Afienya, will drive industrial development and create jobs across the country.
SHOW24 leverages Ghana’s rich cultural heritage and creative potential for economic development. Initiatives like the National Creators Academy, Cultural Passport, Kokompe Innovation Museum, and Buy Made in Ghana project will promote cultural tourism and support the creative arts industry. This anchor aims to transform heritage, tourism, and creative expression into economic powerhouses, creating jobs, inspiring creativity, and promoting Ghana’s unique identity on the global stage.
GO24 focuses on the human element of economic transformation. The National Mindset and Productivity Campaign and Community Revitalization Programmes aim to foster a culture of productivity, innovation, and patriotism. By changing attitudes towards time, value, work, and nationhood, GO24 seeks to create a shared vision for national development and empower citizens to actively participate in building a prosperous future. This focus on mindset and community engagement is essential for ensuring the long-term success of the 24-Hour Economy initiative.
The 24-Hour Economy, through these eight interconnected strategic priorities, represents a comprehensive and ambitious approach to national development. By addressing key challenges across various sectors, the initiative aims to transform Ghana into a more industrialized, productive, and globally competitive nation. The ultimate goal is to achieve economic sovereignty, where productivity, innovation, and shared prosperity are not mere aspirations, but the defining characteristics of the Ghanaian economy. This ambitious plan seeks to create a new national rhythm driven by economic growth and opportunity for all.
