Accra: The Government has projected to mobilize four billion US dollars in the next four years towards the full-scale implementation of the 24-Hour Economy programme from development financial partners and institutions across the globe. The programme is designed to transform the economy and stimulate private sector participation to create jobs and ensure prosperity for all Ghanaians.
According to Ghana News Agency, Mr. Augustus Obuadum Tanoh, Presidential Advisor for the 24-Hour Economy Secretariat, informed the media in Accra that the government would provide an initial seed capital of $300 million to support businesses and individuals who sign up for the programme to ramp up production. The programme has three key pillars: Production Transformation, Supply Chain and Market Efficiency, and Human Capital Development.
Mr. Tanoh highlighted that the three thematic pillars are supported by eight sub-programmes, including Grow 24, Make 24, Connect 24, Show Ghana, Go Ghana, Digital Technology, and Aspire 24. He emphasized that the government drew lessons from previous development initiatives, including Osagyefo Dr. Kwame Nkrumah’s seven-year development plan, Savannah Development Authority (SADA), and the National Development Planning Commission’s 40-year development plan.
The Presidential Advisor indicated that the 24-Hour Economy Policy document would be presented to Parliament after its unveiling on July 2 for comprehensive debate to ensure the buy-in of legislators from both sides of the aisle for its holistic implementation. The 24-Hour Economy Secretariat would also be converted into an Authority to enhance its operational scope.
In a presentation on the policy document, Mr. Abdul-Nasser Suglo Alidu, the Head of Strategy and Programme at the Secretariat, highlighted various sub-programmes, noting that the programme was designed to transform production with agriculture as its main anchor to ensure food sufficiency. It aims to develop the country’s value chain to achieve greater productivity and expand output in industries to enhance food self-sufficiency and promote an export-driven economy.
Mr. Abdul-Nasser explained that the ‘Make 24’ component aims to boost the manufacturing of goods and services, while ‘Aspire 24’ intends to change the mindset of Ghanaian workers and minimize bureaucratic bottlenecks in the public sector. The ‘Show Ghana’ component is designed to showcase the rich cultural identity of the Ghanaian people and connect with the diasporan community to promote tourism.
The ‘Go Ghana’ initiative aims to mobilize citizens to build a prosperous nation, while the ‘Made-in-Ghana’ component promotes local manufacturing and encourages Ghanaians to patronize domestically manufactured items. Mr. Abdul-Nasser also mentioned the Volta Economic Corridor initiative, which includes industrial parks, agro-ecological parks, and lake transportation on the Volta Lake to boost socio-economic development in the enclave.
Mr. Abdul-Nasser stated that the programme has a national character and is designed to utilize the human resource capacity and ingenuity of Ghanaians to accelerate socio-economic transformation and create jobs. He cited countries like Singapore, Malaysia, China, and Denmark, which implemented similar initiatives, and expressed belief that Ghana would soon become a model of industrial transformation in West Africa and Africa at large.