The government’s flagship 24-hour economy programme will be driven by renewable energy, industrial parks, electric mobility and export-oriented manufacturing as part of a long-term strategy to reposition Ghana as a competitive industrial and export hub, Presidential Advisor on the 24-Hour Economy and Accelerated Export Development Programme, Goosie Tanoh, has said.
Speaking at the opening of the seventh Ghana Trade and Investment Week in Accra, Mr. Tanoh said the initiative is designed to build an economy that produces more of what it consumes while increasing value-added exports to reduce import dependence.
Addressing participants on the theme “Powering the 24-Hour Economy: Integrating Infrastructure, Energy, Electric Mobility and Sustainable Real Estate,” he stressed that affordable and reliable energy would be the foundation for Ghana’s industrial transformation and long-term competitiveness.
“The 24-hour economy and the Accelerated Export Development Programme exist to complete the unfinished task of building an economy that produces what it consumes and exports more value than it imports,” he said.
Mr. Tanoh explained that government intends to shift the country’s energy mix towards renewable sources to provide industries with cheaper and more sustainable electricity while reducing reliance on imported fossil fuels.
He revealed that agreements have already been signed to develop 1.5 gigawatts of solar power supported by battery energy storage systems, with construction of the first phase expected to commence in the coming months.
Government also plans to invest in compressed biogas facilities and waste-to-energy plants to generate cleaner industrial fuel, lower electricity costs and accelerate Ghana’s transition to a low-carbon economy.
According to him, solar power combined with battery storage can supply electricity at between seven and nine US cents per kilowatt-hour, significantly improving the competitiveness of local manufacturers.
The renewable energy investments will support industrial parks, agro-processing zones and manufacturing clusters under the 24-hour economy programme, creating opportunities for value addition, job creation and export expansion.
Mr. Tanoh added that electric buses and trucks powered by renewable energy would be integrated into the country’s transport system to reduce logistics costs, improve efficiency and strengthen industrial supply chains.
He urged both local and international investors to partner government in financing renewable energy projects, industrial parks, affordable housing, electric mobility infrastructure and manufacturing ventures.
“The opportunities are enormous, from renewable power generation and battery storage to industrial parks, affordable housing and electric mobility. We welcome investors, financiers and development partners to participate in building this new economy,” he said.
President of the Ghana Chamber of Construction Industry, Nana Opare Kwafo I, said infrastructure development would be central to the successful implementation of the 24-hour economy policy.
He called for increased investment in transport infrastructure, sustainable energy, logistics and affordable housing to unlock Ghana’s industrial potential and enhance trade competitiveness.
“The government’s 24-hour economy policy offers a bold opportunity to increase productivity, industrialisation and employment. To achieve this vision, we must invest in reliable infrastructure, sustainable energy, efficient transportation systems and modern logistics,” he said.
Chairman of MIE Group, organisers of the annual Ghana Trade and Investment Week, David Wang, said this year’s exhibition has attracted more than 100 exhibitors from about 10 countries, with a strong focus on renewable energy technologies, solar manufacturing and sustainable infrastructure.
He noted that previous editions of the event had facilitated investment partnerships that led several foreign companies to establish manufacturing operations in Ghana, creating jobs and supporting industrialisation.
The seventh Ghana Trade and Investment Week is expected to deepen investment partnerships, promote technology transfer and support the implementation of Ghana’s 24-hour economy and accelerated export development agenda.
