{"id":91408,"date":"2025-08-26T05:39:37","date_gmt":"2025-08-26T05:39:37","guid":{"rendered":"https:\/\/sotnews.agency\/?p=91408"},"modified":"2025-08-26T05:39:37","modified_gmt":"2025-08-26T05:39:37","slug":"24-hour-economy-takes-centre-stage-as-ghana-courts-global-capital","status":"publish","type":"post","link":"https:\/\/sotnews.agency\/?p=91408","title":{"rendered":"24-Hour Economy takes centre stage as Ghana courts global capital"},"content":{"rendered":"
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\n \t<\/i> Read Time:<\/span>4 Minute, 31 Second <\/div>\n\n <\/div>
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President John Mahama has unveiled Ghana\u2019s 24-Hour Economy as a bold model to attract global investors, declaring that the country is open for business around the clock. <\/p>\n

Speaking at the opening of the 8th Africa\u2013Singapore Business Forum in Singapore on August 26, he presented the plan as Ghana\u2019s anchor strategy for productivity, exports, and jobs.<\/p>\n

\u201cOur economic strategy is anchored in productivity, exports and jobs. We call it the 24-Hour Economy\u2014for a reason. Ghana is OPEN FOR BUSINESS 24 hours a day,\u201d Mahama told an audience of business leaders, policymakers, and investors.<\/p>\n

He explained that Ghana is aligning infrastructure, incentives, and skills so that factories, farms, ports, and service centres can operate round-the-clock shifts safely and competitively. <\/p>\n

\u201cAt the core of this is the Volta Economic Corridor\u2014our most ambitious integrated development to date.\u201d<\/p>\n

The corridor, he said, rests on four pillars. \u201cGrow24: irrigating more than two million hectares for year-round farming. Make24: agro-industrial parks for textiles, pharmaceuticals and food processing. <\/p>\n

\u201cShow24: tourism and hospitality along one of the world\u2019s great inland lakes. <\/p>\n

\u201cConnect24: transforming Lake Volta into a cost-efficient inland transport spine, reducing logistics costs and linking farms, factories and markets.\u201d<\/p>\n

President Mahama added that the strategy is complemented by catalytic projects such as the Legon Pharmaceutical Innovation Park, the Kumasi Machinery and Technology Park, the Akosombo-Juapong Garments and Textiles Park, Digital TVET Centres of Excellence, and renewable energy corridors. <\/p>\n

\u201cOur Big Push Infrastructure programme will accelerate roads, power and digital connectivity to crowd-in private capital and unlock scale.\u201d<\/p>\n

Positioning Ghana as a magnet for investors, he stressed that the country offers stability and access to markets. <\/p>\n

\u201cAs host of the African Continental Free Trade Area Secretariat, Ghana sits at the heart of the US$3.4 trillion single market. <\/p>\n

\u201cThrough 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\u201469 companies registered with cumulative investments exceeding US$2 billion.\u201d<\/p>\n

President Mahama noted that Ghana is pursuing reforms to boost confidence. <\/p>\n

\u201cWe know credibility is earned. We are pursuing a deliberate national reset: stabilising the macroeconomy, restoring confidence and reforming how we do business. Inflation is easing, the cedi has stabilised, and ratings outlooks are improving. <\/p>\n

\u201cWe are simplifying regulations through our Business Regulatory Reforms, and we are reviewing our Investment Promotion Act\u2014including the removal of minimum capital thresholds for foreign investors\u2014to make it easier and faster to partner.\u201d<\/p>\n

Turning to Africa, President Mahama presented a strong case for the continent as an investment destination. <\/p>\n

\u201cI speak today as an African leader and as President of Ghana. Our message is simple: Africa is investable, and Ghana is your reliable gateway to the continent. The continent is the world\u2019s most dynamic emerging market. <\/p>\n

\u201cWe are 1.4 billion people today\u2014young, fast-urbanising, digitally connected\u2014and by 2030, Africa\u2019s cities will host more than 700 million consumers. <\/p>\n

\u201cThe African Continental Free Trade Area is the largest new free trade area in the world by number of countries, and this has created a $3.4 trillion market and lowered barriers across supply chains.\u201d<\/p>\n

He pointed out that Africa already leads in some areas. \u201cAfrica holds vast renewable energy potential and is already a global leader in mobile money and fintech adoption. <\/p>\n

\u201cThis is a market ready for scaled solutions. Yet this opportunity must be matched with capital at the right price and with the right instruments.\u201d<\/p>\n

As African Union Champion on Financial Institutions, Mahama acknowledged financing gaps. <\/p>\n

\u201cAfrica faces an annual financing gap estimated at $1.3 trillion. Infrastructure needs alone run between $181 and $221 billion per year through 2030, and the climate finance gap is about $213 billion annually. <\/p>\n

\u201cWe are taking steps to build an African financial system that works for Africa; accelerate the African Monetary Institute as a precursor to the African Central Bank, and link ten major stock exchanges through the African Exchanges Linkage Project to enhance liquidity.\u201d<\/p>\n

He called on Singapore to partner with Africa, citing its strengths in finance, technology, and logistics. <\/p>\n

\u201cSingapore stands at the nexus of global finance, fintech, logistics and green innovation. Your excellence in project preparation, blended finance, risk management, standards and dispute resolution is precisely what African projects need to move from pipeline to bankable to build.\u201d<\/p>\n

President Mahama urged investors to test Ghana\u2019s readiness during his visit. <\/p>\n

\u201cOn day three of this State Visit, as part of the Africa Forum, we will host a Presidential Business Roundtable. Join us. Bring your teams. Put Ghana\u2019s readiness to the test. <\/p>\n

\u201cWe 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.\u201d<\/p>\n

He closed with a direct appeal to business leaders. <\/p>\n

\u201cOur 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; a pipeline of investable projects in agribusiness, logistics, manufacturing, energy, digital and tourism; a partner that values integrity, predictability and long-term relationships. When Singaporean and African firms collaborate, we will create jobs for our youth, diversify global supply chains, and drive growth in sustainability.\u201d<\/p>\n<\/div>\n

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