Whuti: Dr. Johnson Asiama, the Governor of the Bank of Ghana (BOG), has articulated that the 24-hour economic concept is a strategic launchpad for unlocking the potential of the Volta Economic Corridor to achieve tangible outcomes.
According to Ghana News Agency, Dr. Asiama emphasized the importance of working smarter, faster, and being more connected, rather than merely extending working hours. The 24-hour economy model aims to establish a Ghana where production, finance, and commerce operate seamlessly around the clock. Speaking at the inaugural Volta Economic Forum, themed ‘Harnessing the Volta Economic Corridor Potentials for the 24-Hour Economic Policy Take-off’, he highlighted the concept’s potential to reshape production, enhance logistics, and boost trade across Ghana and the ECOWAS region.
Dr. Asiama noted that the vision for the Volta Economic Corridor extends beyond a mere geographic line, serving as a dynamic artery that connects farmlands, markets, energy sources, and border trade routes. He underscored the need for infrastructure upgrades, including road networks, logistics hubs, and border posts, to facilitate trade and develop Ho and Keta as transport and industrial hubs.
Furthermore, the Governor emphasized the creation of energy and industrial clusters leveraging the Volta Basin’s renewable energy potential. This involves establishing 24-hour processing parks, ICT hubs, and light manufacturing powered by hydro, solar, and wind energy. Building a workforce ready for the 24-hour economy and equipping the youth for future work through education and mindset shifts is also crucial.
Dr. Asiama stressed that government alone cannot deliver the 24-hour vision. Strong private sector participation is essential to attract local and international capital, ensuring policy consistency, regulatory clarity, and competitive tax frameworks. The Bank of Ghana’s role includes stabilizing the macroeconomic situation, anchoring the cedi’s value through prudent policy, and creating digital finance platforms like GhanaPay to support round-the-clock commerce.
The Governor also committed to creating access to finance by reforming credit systems, enabling digital lending, and supporting SME-friendly FinTechs. He called for collective responsibility, highlighting that transformation is co-created, not legislated, and urged regional assemblies, educational institutions, and traditional authorities to align with the 24-hour vision.
Mr. Julius Debrah, represented by Madam Oye Bampoe Addo, affirmed the government’s full support for this transformational agenda. Mr. James Gunu, the Volta Regional Minister, reiterated the stakeholders’ commitment to leading Ghana’s next phase of economic transformation under the 24-Hour Economy initiative championed by President John Dramani Mahama.
With the Volta Economic Corridor, the region aims to unlock opportunities in agriculture, energy, logistics, and tourism, creating sustainable jobs and attracting substantial investments. The goal is to transform the Volta Region into a hub of agro-industrial productivity, renewable energy, logistics efficiency, and tourism excellence, driven by innovation and technology.
The forum was attended by ministers, ambassadors, development partners, Members of Parliament, Municipal and District Chief Executives, investors, and traditional leaders, all contributing to this collaborative vision of economic prosperity.