The Ghanaian government has introduced incentives for businesses willing to adopt the 24-hour economy initiative.
- Ghanaian government introduces incentives for businesses adopting 24-hour economy initiative
- 24-hour economy strategy aims to create sustainable jobs, enhance productivity, and improve competitiveness
- Incentives for local and foreign investors include tax benefits, financial support, and security improvements
Acting Chief Executive of the Ghana Investment Promotion Centre (GIPC), Simon Madjie, highlighted the benefits of this flagship policy, emphasising its potential to boost economic growth and business productivity.
Madjie emphasised its potential to drive economic growth and create employment opportunities.
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According to Madjie, businesses that embrace the initiative will enjoy various incentives, including reduced operational costs and access to more affordable electricity.
He encouraged enterprises to extend their working hours to maximise productivity and remain competitive in the evolving business landscape.
In an article titled Ghana is Open for Business, the Acting CEO wrote, “The 24-hour economy strategy proposed by H.E. John Dramani Mahama is a deliberate policy intervention aimed at encouraging businesses and companies in Ghana to operate 24 hours a day, seven days a week.”
He added that the initiative is designed to create sustainable jobs, enhance productivity, and improve the competitiveness of local businesses in both domestic and international markets.
“It is anchored on the broader vision of transforming Ghana into an import-substitution and export-led economy, with a focus on modernising agriculture, promoting agro-processing, and supporting the private sector,” he stated.
The policy focuses on key industries such as:agro-processing, pharmaceuticals, manufacturing, construction, digital startups, financial services,selected public institutions, including ports, customs, and the passport office
These sectors are expected to benefit from government incentives and infrastructure improvements that support round-the-clock operations.
Key Benefits for Investors
The 24-hour economy initiative presents significant advantages for both local and foreign investors.
“Participating businesses will enjoy tax incentives to reduce operational costs, along with access to cheaper and more reliable electricity through a Time-of-Use (TOU) tariff system, which offers reduced rates during off-peak hours,” Madjie explained.
He further noted that the government would provide financial support to strategic agro-processing and manufacturing firms to enhance production capacity, facilitate import substitution, and expand export potential.
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“Additionally, the policy prioritises security improvements and infrastructure development in commercial districts to create a safe and conducive environment for round-the-clock business operations,” he added.
Legislative Amendments to Support the Initiative
Madjie also revealed that the GIPC Act, 2012 (Act 865), would be amended to introduce new strategic incentives aimed at attracting and supporting investors interested in taking advantage of opportunities under the 24-hour economy framework.
As Ghana moves towards implementing this ambitious policy, business leaders and investors are encouraged to explore ways to leverage the initiative for long-term economic benefits.
