The 24-Hour Economy Authority has presented a 10-year national economic transformation plan to cabinet.
The plan lays out a roadmap that covers cheaper power for industry, improved logistics, the development of industrial and agri-processing parks, and a package of exemptions and incentives to support business growth.
President Mahama disclosed this during his address at the 10th Ghana CEO Summit.
He said the plan follows the passage of the 24-Hour Economy Authority and represents a move from policy intent to structured delivery.
The President was keen to clarify what the 24-hour economy concept actually means in practice, telling the gathering it is not simply about asking people to work at night.
This, according to the President is about using Ghana’s productive capacities more efficiently, whether that means additional shifts for some firms, better logistics for others, extended public services, stronger security, improved transport systems or digital support infrastructure.
“Our clear objective is to help businesses grow, create quality jobs, and maximize our resources,” he added.
President Mahama said the government will continue to provide policy direction but that CEOs and industry leaders will ultimately determine whether the agenda succeeds.
He said realising the plan will require investment in machinery, plants and equipment, technology management systems, workforce skills and decent working conditions.
He also told the summit that closing the gap between what Ghana produces and what it processes is one of the economy’s most pressing challenges.
He noted that farmers regularly struggle to find reliable buyers while factories on the other hand cannot secure enough raw materials of the right quality, resulting in lost income for farmers, factories running below capacity and value leaving the country.
Strengthening agribusiness value chains across sectors including cocoa, cashew, oil palm, rice, poultry, textiles and pharmaceuticals, he indicated, is both an agricultural and industrial priority.
Richard Aniagyei, ISD
