Story by Phalonzy
Presidential Advisor on the 24-Hour Economy, Goosie Tanoh, has revealed that the policy is set to attract a staggering $4 billion in private sector investment over the next few years.
Speaking ahead of the official launch of the 24-Hour Economy and the Accelerated Export Development Programme, Mr. Tanoh emphasized that the initiative is designed to catalyze long-term industrial growth, job creation, and export competitiveness.
The 24-Hour Economy policy aims to introduce crucial structural reforms to reverse the growing trend of businesses relocating to neighboring Côte d’Ivoire due to more favorable conditions. To achieve this, the policy will focus on enhancing the regulatory environment, addressing infrastructure bottlenecks, and offering targeted incentives to position Ghana as a more competitive destination for local and foreign investors.
Tanoh highlighted that the total investment required is approximately $4 billion, equivalent to GHS 400 billion, with the majority expected to come from the private sector.
He noted that unpredictable and incoherent incentive regimes, high operational costs, and corruption have deterred investors in the past, leading some companies to relocate to Ivory Coast where business operations are more streamlined.
“The total investment required is about $4 billion… Most of it is going to come from the private sector. One of the problems investors have had in working in Ghana is the unpredictable and incoherent incentive regimes and the high costs of operations, including under-the-table payments and requests for corruption,” Tanoh explained.
To address these challenges, the government plans to implement a coherent, practical, and transparent incentive regime based on performance, minimizing discretion and corruption.
Additionally, the government will develop ecological paths or industrial zones that meet the requirements of both domestic and foreign investors, providing land with undisputed titles.
“We hope it stays that way, and most of it is going to come from the private sector… Our aim is to reverse this trend, and so the key components are a coherent, practical, transparent incentive regime… and build these ecological paths so you meet the requirements of both domestic private investors and foreign investors with land where there are no title disputes,” Tanoh added.
The government is expected to contribute $300-400 million as seed funding to support viability gap requirements, ensuring bulk infrastructure is commercially sound and attractive to private investors. The remaining funds will be mobilized through private sector commitments, with potential pledges already nearing $2 billion.
