The Ghanaian government has introduced a range of incentives to encourage businesses to adopt a 24-hour economy initiative, aiming to create sustainable jobs, enhance productivity, and improve competitiveness. The initiative, proposed by President John Dramani Mahama, is designed to transform Ghana into an import-substitution and export-led economy, with a focus on modernizing agriculture, promoting agro-processing, and supporting the private sector.

According to Simon Madjie, Acting Chief Executive of the Ghana Investment Promotion Centre (GIPC), businesses that participate in the initiative will enjoy various incentives, including tax benefits, financial support, and security improvements. Madjie emphasized the potential of the initiative to drive economic growth and create employment opportunities, encouraging enterprises to extend their working hours to maximize productivity and remain competitive in the evolving business landscape.

The 24-hour economy strategy focuses on key industries such as agro-processing, pharmaceuticals, manufacturing, construction, digital startups, financial services, and 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.

One of the key benefits for investors is the introduction of a Time-of-Use (TOU) tariff system, which offers reduced electricity rates during off-peak hours. Participating businesses will also enjoy tax incentives to reduce operational costs, along with access to cheaper and more reliable electricity. Additionally, the government will provide financial support to strategic agro-processing and manufacturing firms to enhance production capacity, facilitate import substitution, and expand export potential.

The policy also prioritizes security improvements and infrastructure development in commercial districts to create a safe and conducive environment for round-the-clock business operations. To support the initiative, the GIPC Act, 2012 (Act 865), will 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. The 24-hour economy initiative has the potential to drive economic growth, create sustainable jobs, and enhance productivity, making Ghana an attractive destination for investors and entrepreneurs.

The introduction of this initiative is a significant step towards transforming Ghana's economy and positioning it as a competitive player in the global market. With its focus on key industries and provision of incentives, the 24-hour economy initiative is expected to have a positive impact on the country's economic development and growth.