Ghana’s ambitious 24-hour economy agenda, which will hinge on private sector leadership, will also be backed by strategic twin financing streams targeting infrastructure and SME development, officials have revealed.
Dr. Ishmael Amanor Dodoo, Director of Innovative Finance, Partnerships and Markets at the 24-Hour Economy Secretariat, noted that the Mahama-led initiative is not a government-run programme but a policy framework to empower private investors and entrepreneurs.
“The 24-hour economy programme is actually private sector-driven,” Dr. Amanor Dodoo emphasised during the NorvanReports-Economic Governance Platform (EGP) X Space discussion themed “Beyond the Slogans: Will the 24-Hour Economy Fix Ghana’s Broken Systems?”
“As President John Dramani Mahama said, government will create the enabling environment while the private sector leads in funding and execution.”
Twin Financing Streams for Structural Transformation
Dr. Amanor Dodoo outlined two key financing pathways; infrastructure financing and enterprise financing. The Ghana Infrastructure Investment Fund (GIIF) will spearhead financing for industrial parks, while Development Bank Ghana (DBG) will channel patient capital to small and medium enterprises (SMEs).
“We are looking to create Special Purpose Vehicles (SPVs) for private investors to finance agroecological parks and adjusted parks to support production and manufacturing,” he disclosed.
Priority Sectors and Market Opportunity
Targeted industries include agriculture and agri-processing, pharmaceuticals, textiles and garments, construction, and metallurgical engineering. The initiative aims to unlock Ghana’s market potential and catalyse job creation around the clock.
Highlighting the opportunity, Dr. Amanor Dodoo noted Ghana spends US$2.4 billion annually on food imports, while local textile production meets only 30% of domestic demand for 100 million yards of fabric. He also referenced West Africa’s US$1.3 trillion market of 425 million people as a natural export destination.
“There’s already a guaranteed market both domestically and across the sub-region for private investors willing to participate,” he said.
Competitive Energy and Labour Incentives
To attract investors, Dr. Amanor Dodoo cited Ghana’s competitive energy costs, estimated at 5 to 7 cents per kilowatt-hour, and affordable labour rates of under US$10 per day, compared to US$35–US$40 in the US and China.
“We also have an intelligent and youthful labour force that can be trained and deployed to meet industrial needs,” he emphasised, positioning Ghana as a compelling destination for productive capital.
Overcoming SME Financing Barriers
Dr. Amanor Dodoo further assured that enterprise financing will address persistent barriers such as collateral requirements, short loan tenures, and lack of equity buildup for SMEs.
“We’re addressing critical issues such as collateralisation, loan tenure, and equity build-up for SMEs to ensure sustainability,” he explained.
Amid rising debate over its feasibility, the 24-hour economy’s clarity on private sector leadership and strategic financing appears set to inspire investor confidence.
“The private sector has everything it needs energy, labour, markets and infrastructure to release capital and drive production for export,” Dr. Amanor Dodoo concluded.
