The government is set to unlock funding to support industries as Ghana prepares to implement its 24-hour economy, Minister for Trade and Agribusiness, Elizabeth Ofosu-Adjare, has announced.
Speaking after the Independence Day celebrations on March 6 2025, she said the private sector is ready to embrace the 24-hour economy, with some industries already preparing to operate in three shifts to maximise production and create jobs.
According to the minister, the government has engaged various industries, many of which are eager to begin round-the-clock operations.
She explained that the policy will stimulate economic growth by boosting local manufacturing and reducing reliance on imports.
“The 24-hour economy will support our import substitution agenda. Many of the industries coming on board will produce goods we currently import. If they can scale up, we will export more and strengthen the cedi,” she said.
Mrs Ofosu-Adjare also revealed that discussions have been held with the Minister for Finance and the Bank of Ghana to release funds trapped in banks for investment in agribusiness and the industrial value chain.
She noted that access to affordable financing remains a major challenge for businesses, and addressing this issue will be crucial to the success of the policy.
“The National Economic Dialogue showed how much the private sector is willing to contribute if given the right support. One of the major takeaways was the need to free up locked funds in banks to support businesses. I will personally follow up to ensure these funds are made available,” she said.
She clarified that the 24-hour economy will not apply to all sectors but will target industries that can sustain continuous operations, such as manufacturing, agribusiness processing, and services.
She assured the public that the government will work closely with businesses to facilitate implementation, create jobs, and transform the economy.
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