Accra: The Chief of Staff, Mr. Julius Debrah, has urged Chinese manufacturers to take advantage of Ghana's 24-hour economy initiative, highlighting it as a major incentive for profitable investment. Speaking at the opening of a Ghana-China business summit in Accra, Mr. Debrah described the initiative as a three-shift system designed to enhance productivity.
According to Ghana News Agency, the government is introducing a 24-hour economy as part of its flagship programs, aiming to expand production capacity by allowing businesses to operate round the clock with various incentives. This initiative was discussed under the theme 'Synergising Opportunities: Strengthening the Ghana-China Relationship and Fostering a 24-Hour Economy,' which brought together Ghanaian and Chinese investors and businesses.
Mr. Debrah pledged government support to help Chinese businesses succeed, emphasizing Ghana's readiness to welcome and encourage investment. He highlighted Ghana's strategic advantages, such as its role as host of the African Continental Free Trade Area (AfCFTA) Secretariat, proximity to Europe, strong airline connectivity, and major ports, which allow investors to export to other West African countries.
He added that Chinese manufacturers adopting the 24-hour economy model would benefit from tax incentives, a Time of Use (TOU) electricity tariff system with smart meters, and cheaper, more reliable power during off-peak hours. Key sectors identified for investment include petrochemicals, housing, electric vehicles, tourism, and agriculture.
The Chief of Staff called for deeper collaboration between Ghana and China, citing the existing trade imbalance. In 2023, China exported goods worth US$3.7 billion to Ghana, while Ghana's exports to China stood at US$1.8 billion. Despite this imbalance, Mr. Debrah expressed optimism about the future, noting that over 560 Chinese businesses have shown interest in operating in Ghana.
The week-long summit aims to generate ideas and broaden strategies to attract foreign direct investment (FDI), leveraging Chinese expertise and capital to enhance Ghana's manufacturing base and reduce dependence on imports.
