One year after the launch of the 24-Hour Economy (24H+) program in July of last year, the Secretariat reports that it has shifted from identifying the challenges facing Ghanaian businesses to creating solutions to remove those obstacles. This includes the establishment of a statutory authority, the development of a no-collateral credit guarantee, and a growing number of joint development agreements. Abdul-Nasser Alidu, the Chief Program Officer of the 24H+ Secretariat, told the Daily Graphic that the initiative aims for an “integrated and sustainable transformation” of the economy, emphasising that the first year has laid the groundwork for this change.
What has been achieved?
Mr Alidu said the Secretariat’s first year was devoted to identifying the key challenges hindering business growth. The exercise culminated in a book outlining the constraints, with land, infrastructure and access to finance identified as the major obstacles. On land access, he said the Secretariat had completed a land access policy and secured about 600 hectares for priority investment projects.
He explained that a new participatory land access model allows traditional authorities and land-owning communities to acquire minority equity stakes in projects developed on their land. He added that approximately eight million hectares of arable land had also been identified along the Volta Economic Corridor to support large-scale agricultural investments.
Mr Alidu further disclosed that, in collaboration with the National Petroleum Authority (NPA) and players in the downstream petroleum sector, 12 oil marketing companies operating 268 filling stations had commenced 24-hour operations. Additionally, 33 manufacturing companies and about 11 state agencies had introduced multi-shift systems to provide round-the-clock services. On employment data, he said the Secretariat was collaborating with the Ghana Statistical Service to conduct research that would provide independent figures on job creation.
“We are working with Ghana Statistical Service to undertake research in the area of job creation, for independent data on that. The results will be there for all to see,” he stated. He also highlighted the rollout of the Enterprise Support Programme, through which businesses are being paired with support services to improve their investment readiness before approaching financial institutions.
According to him, more than 10,000 businesses had registered to benefit from the programme, based on information from the Ministry of Labour, Jobs and Employment. On access to funding, Mr Alidu revealed that the Arab Bank for Economic Development in Africa (BADEA) had approved $290 million to support small and medium-sized enterprises (SMEs). He clarified that the funds were not disbursed directly to the Secretariat but channelled through participating financial institutions. A significant portion went through Development Bank Ghana, which subsequently provided financing to commercial banks for onward lending based on their respective assessments.
However, he noted that collateral requirements continued to pose a major challenge for businesses seeking credit. Citing an example, he recounted the case of an entrepreneur who established a soybean crushing facility in northern Ghana but could not secure working capital because banks insisted on property in Accra as collateral rather than accepting the facility in Tamale.
To address such challenges, the Secretariat is pursuing a no-collateral credit guarantee scheme. Mr Alidu said a joint development agreement had been signed with the company tasked with establishing the scheme, while efforts were underway to secure approval from the Bank of Ghana and the National Insurance Commission to establish and capitalise the fund.
On infrastructure, he observed that businesses in Ghana often had to provide essential facilities such as access roads, electricity transformers, security and effluent treatment systems on their own. He said this significantly increased operational costs, particularly for businesses located outside Accra, adding that the Secretariat was working towards providing shared infrastructure to ease the burden on enterprises.
Operational footprint
As of May this year, the 24H+ Secretariat reported $5.5 billion in joint development agreements as part of an $11.5 billion pipeline. This pipeline includes the $1.45 billion Buipe solar and battery project, which is expected to reduce industrial electricity costs from approximately 23 cents to 9 cents per kilowatt-hour when its first phase begins operation in 2027.
Regarding pharmaceuticals, Mr. Alidu stated that the Food and Drugs Authority has achieved WHO Maturity Level 3, enabling certified medicines to compete for international tenders. He mentioned that the Legon Pharmaceutical Innovation Park in Asutsuare, being developed with the Ghana Infrastructure and Investment Fund, is anticipated to create around 30,000 jobs. Expressions of interest for this project are due by October 31, 2026. Additionally, the 24-Hour Economy Authority Act, signed in February 2026, gives statutory backing to this initiative. The 2026 Budget has allocated GH¢110 million for its implementation.
What was promised?
The achievements are measured against the promises made at the launch.
The programme rests on three goals: self-sufficiency, competitiveness and jobs.
Mr Alidu pointed to COVID-19, when many Ghanaians realised that a country that did not produce what it ate could quickly be in trouble. For jobs, he said: “We have opportunities, but the opportunities are translated into jobs for other people, not necessarily for people within the economy.”
The headline target is to cut unemployment to below five per cent by 2035 — a steep task, given official figures showing unemployment averaging 12.8 per cent in the first three quarters of 2025, with youth unemployment at 21.9 per cent.
The method matters as much as the goals. Unlike past efforts that placed the burden on the government, 24H+ is designed so that the government acts as an enabler while the private sector tackles the constraints that affect it. “The private sector must take the lead and assume the credit risk,” Mr Alidu said, adding that “ it is the only way this country can develop.”
