President John Dramani Mahama has pitched Ghana’s 24-Hour Economy as the country’s boldest strategy to attract global capital, boost productivity, and create jobs, declaring Ghana “OPEN FOR BUSINESS 24 hours a day.”
Addressing business leaders, policymakers, and investors at the opening of the 8th Africa–Singapore Business Forum on August 26, President Mahama unveiled the initiative as the anchor of his administration’s economic agenda.
“Our economic strategy is anchored in productivity, exports and jobs. We call it the 24-Hour Economy for a reason. Ghana is OPEN FOR BUSINESS 24 hours a day,” he told the high-level audience.
At the heart of the plan is the Volta Economic Corridor, which he described as Ghana’s most ambitious integrated development project to date. The corridor rests on four key pillars:
Grow24: irrigation of more than two million hectares for all-year farming.
Make24: agro-industrial parks focused on textiles, pharmaceuticals, and food processing.
Show24: tourism and hospitality expansion along Lake Volta.
Connect24: transforming Lake Volta into a cost-efficient inland transport hub.
“This is about making our factories, farms, ports, and service centres operate round-the-clock shifts safely and competitively,” he explained.
The President highlighted catalytic projects already underway, including the Legon Pharmaceutical Innovation Park, Kumasi Machinery and Technology Park, Akosombo-Juapong Garments and Textiles Park, and renewable energy corridors. “Our Big Push Infrastructure programme will accelerate roads, power and digital connectivity to crowd-in private capital and unlock scale,” he added.
The President also positioned Ghana as a gateway to Africa’s US$3.4 trillion AfCFTA market, stressing political stability, rules-based governance, and growing foreign participation.
“Through ECOWAS, we connect you to more than 400 million consumers in West Africa. We offer political stability, a rules-based environment, a double taxation agreement with Singapore in force since 2019, and a growing base of Singaporean investors, 69 companies registered with cumulative investments exceeding US$2 billion,” he noted.
He emphasised that Ghana’s reforms are designed to build confidence, citing easing inflation, a stabilised cedi, improved ratings outlook, and regulatory reforms. “We are simplifying regulations through our Business Regulatory Reforms, and we are reviewing our Investment Promotion Act, including the removal of minimum capital thresholds for foreign investors to make it easier and faster to partner.”
Turning to the continental outlook, Mahama argued that Africa is “the world’s most dynamic emerging market,” with a youthful population, fast-growing cities, and leadership in areas like fintech. But he also acknowledged a financing gap of US$1.3 trillion annually.
He invited investors to test Ghana’s readiness during his State Visit. “We will showcase bankable projects, provide direct access to our regulators, outline incentives for strategic investors and offer a one-stop investor concierge so decisions can be made quickly and confidently.”
“Our proposition is straightforward: a stable, reform-minded country, connected to the AfCFTA, designed for scale; a 24-Hour Economy that matches your need for speed, reliability and standards. When Singaporean and African firms collaborate, we will create jobs for our youth, diversify global supply chains, and drive sustainable growth,” he added.
