The African Development Bank (AfDB) has thrown its weight behind the Government of Ghana’s ambitious 24-hour economy policy, signaling its intent to provide strategic funding to drive implementation.
At a press briefing held in Accra, Solomon Quaynor, Vice President of the AfDB in charge of Infrastructure and Industrial Development, affirmed the Bank’s commitment to supporting the government’s vision of round-the-clock economic activity.
According to Mr. Quaynor, the AfDB has identified critical areas within the policy framework that require immediate intervention to ensure its success.
“The 24-Hour Economy initiative looks promising and has tremendous potential to transform Ghana’s economy. This is a highly visionary concept that has captured our attention and enthusiasm. We conducted a series of intensive working sessions with Goosie Tanoh, the Secretariat, Ghana Infrastructure Investment Fund, and several other partners and have identified concrete areas where the Bank can provide meaningful support to drive implementation”, he said
The 24-hour economy policy, a key initiative of the current administration, aims to extend operational hours in various sectors, including manufacturing, retail, logistics, and services. The goal is to reduce unemployment, improve public service delivery, and boost the Gross Domestic Product (GDP) growth through increased economic participation.
Mr. Quaynor highlighted infrastructure development, particularly in energy and transportation, as foundational pillars of the initiative.
He noted that reliable electricity supply, efficient transport networks, and enhanced digital connectivity will be critical in supporting businesses to operate effectively around the clock.
“These areas include comprehensive project preparation support, experience and knowledge sharing on industrial parks development, as well as downstream financing solutions. We are particularly excited about the potential for developing integrated industrial parks focused on textiles, garments, and light manufacturing, including support for transformational projects such as the Volta Economic Corridor”, he added
While the exact figure of the AfDB’s financial commitment is yet to be disclosed, sources close to the matter indicate that the funding package will include a combination of grants, low-interest loans, and technical assistance to both public and private sector stakeholders.
As preparations continue, the AfDB says it will work closely with government ministries, local authorities, and industry leaders to ensure alignment between policy objectives and implementation strategies.
This support is expected to catalyse further investments and accelerate Ghana’s transition toward a more dynamic, inclusive, and resilient economy operating at all hours of the day.
DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.
DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.
