Presidential Advisor Goosie Tannoh has called on Ghana’s banking sector to support the government’s ambitious 24-Hour Economy Initiative, a $4 billion program designed to boost private sector productivity by enabling round-the-clock operations.
Speaking at a high-level roundtable at the Bank of Ghana headquarters, Tannoh emphasised the investment potential of the initiative and framed it as a bankable opportunity rather than a government spending program.
“We at the 24-hour Secretariat do appreciate the importance of bank financial development, but we needed to do the thinking and groundwork before presenting a respectable set of solutions and products to you,” he said.
The program, a flagship policy of President John Mahama, seeks to expand business hours across key sectors including manufacturing, agriculture, and services, while strengthening local supply chains and increasing exports.
Its framework focuses on three pillars: a performance-based incentive regime, improved infrastructure, and secured industrial lands.
However, implementation faces significant financing challenges. Access to credit remains a primary constraint for Micro, Small and Medium Enterprises (MSMEs), with interest rates ranging from 22.75% to 29% and stringent collateral requirements limiting borrowing capacity.
The uneven performance of Ghana’s banking sector further complicates matters, with some institutions reporting strong capital positions while others struggle with deteriorating loan portfolios.
Ismail Adam, Head of Banking Supervision at the central bank, reassured banks that the Bank of Ghana is committed to creating a regulatory environment that supports the initiative while maintaining financial stability.
“A look at economic history indicates that no nation has developed without an appreciable growth in the financial sector,” he said, highlighting the link between financial sector expansion and real economy development.
Tannoh encouraged banks to view the initiative as an opportunity to expand credit portfolios, develop innovative financial products, and implement new risk assessment frameworks for enterprises operating extended hours. Policymakers stressed that the success of the 24-Hour Economy Initiative depends on the willingness of banks to adjust lending practices while managing existing portfolio risks.
With careful planning, feasibility studies, and private sector engagement, the initiative aims to transform Ghana’s economic landscape, enhancing competitiveness, productivity, and export capacity. The response from the banking sector in the coming months will play a decisive role in determining whether the ambitious policy achieves its $4 billion investment and productivity targets.
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