The Ghana Association of Banks (GAB) has announced that the various commercial banks in Ghana are ready to provide financial support to the government’s flagship 24-Hour Economy program.
However, the Chief Executive Officer (CEO) of GAB, John Awuah, says that financing will be guided by a careful assessment of the projects presented for implementation.
Speaking in an exclusive interview with The High Street Journal after a roundtable discussion between the 24-Hour Economy Secretariat and the banking community, John Awuah, described the engagement as a vital step in linking the programme with the country’s financial system.
He agreed that the success of the 24-Hour Economy depends heavily on the availability of tailored financing from the banking sector to “oil the programme” and ensure its sustainability. He emphasised that the sector is committed to playing its role but cautioned that investments must be evidence-based.
“I think it’s been a good experience. At least the 24-hour programme has been opened up to the banking community. So we have taken the presentations, we’re going to study, evaluate, and see where banks can plug in. You need the financial system to oil the programme, and we are committed to doing exactly that,” he noted.
Although there is general support from the banking community for the program, he stressed that disbursement of funds will hinge on the viability of individual projects.
This approach will ensure that capital is channelled into ventures with strong growth potential, minimising risks while maximising economic returns and protecting depositors’ funds.
He further noted, “Obviously, you need to know what you’re going into, and that is why it’s important what we have done here today. Banks are ready, but you need to see what is available before you can begin talking. You cannot evaluate that which is not on the table. So all is good in the presentation, but they say the sweetness of the pudding is in the eating.
The 24-Hour Economy Secretariat used the roundtable to pitch specific projects requiring financing from banks, ranging from infrastructure and industrial expansion to agribusiness and logistics.
The willingness of the banking sector to provide financial backing marks a significant step in moving the programme from political vision to practical implementation.
If executed effectively, the 24-Hour Economy could stimulate job creation, boost productivity, and diversify Ghana’s economy.
However, its success will now depend on both the quality of the projects presented and the strength of bank financing.
