24-Hour Economy Will Transform Ghana’s Economy-Goosie Tanoh

Mr. Augustus Goosie Tanoh, Presidential Advisor for the 24-Hour Economy and Accelerated Export Development, has clarified that the government’s 24-Hour Economy initiative is not designed to compel businesses to operate around the clock, but to fundamentally transform Ghana’s economic structure, boost industrialisation, expand exports and create sustainable jobs.
Speaking at a media engagement organised by the 24-Hour Economy Secretariat, Mr. Tanoh said the initiative seeks to build a productive economy capable of converting Ghana’s natural and human resources into value-added products, competitive exports and meaningful employment.
He explained that the programme is intended to modernise the economy by encouraging local processing of raw materials and increasing domestic production of goods currently imported into the country.
According to him, industrialisation, export promotion and job creation are interconnected pillars of the 24-Hour Economy, with the ultimate objective of ensuring that economic growth translates into improved living standards and greater prosperity for Ghanaians.
Mr. Tanoh said Ghana’s dependence on the export of primary commodities while importing finished products has constrained the country’s ability to generate sufficient employment and sustain economic transformation.
He therefore stressed the need to build industries capable of adding value to Ghanaian raw materials, producing competitively for both the domestic and international markets, and generating the foreign exchange required to support further industrial development.
Not About Forcing Businesses to Operate 24 Hours
Mr. Tanoh said the 24-Hour Economy should be understood as both a destination and a journey.

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He explained that the long-term goal is to create an economy where businesses have the infrastructure, energy, markets, financing and raw materials required to operate at significantly higher levels of capacity, including multiple shifts where commercially viable.
He, however, emphasised that not every business is expected to immediately operate around the clock.
Rather, the programme is focused on identifying and removing the constraints preventing businesses from expanding production and creating more employment.
“We are not saying every shop must open around the clock. The 24-Hour Economy is about economic transformation,” Mr. Tanoh said.
Mr. Tanoh said government’s role is primarily to create the conditions that make private-sector investment attractive and sustainable.
He identified access to land, infrastructure, energy, project preparation, financing and supply-chain efficiency as some of the critical areas requiring intervention.
He highlighted the Participatory Land Access Model, which seeks to involve communities in investment projects through community land trusts.
According to him, the approach would make land acquisition more inclusive and transparent while allowing communities to benefit from economic activities undertaken on their lands.
He also said government is exploring viability-gap support for projects that are strategically important but may initially struggle to attract sufficient private capital.
The initiative, he added, involves preparing projects to a stage where they can attract domestic and international investors, while ensuring that project risks are appropriately allocated rather than unnecessarily transferred to the state.
Mr. Tanoh said agricultural productivity and industrial development must advance together if Ghana is to reduce its dependence on imports.
He explained that local industries require reliable supplies of affordable raw materials to operate efficiently and sustainably.
Using soybean processing as an example, he said fluctuations in the availability and cost of agricultural produce can force factories to reduce or suspend operations.
He said the 24-Hour Economy therefore seeks to strengthen agricultural production, improve supply chains, enhance storage and transportation systems, and increase productivity at the farm level.
Such interventions, he noted, would enable farmers to produce more efficiently while providing industries with raw materials at competitive prices.
The Presidential Advisor also identified the cost of energy as a major obstacle to industrial competitiveness.
He said the government is pursuing energy interventions aimed at reducing production costs and making Ghanaian industries more competitive.
He also pointed to the development of industrial and agro-industrial parks, where businesses can share infrastructure and services to reduce operational costs.
Mr. Tanoh said the development of the Volta Economic Corridor would also provide opportunities for industrial and agricultural development by improving transportation and utilising the economic potential of the Volta Lake and its tributaries.
He explained that efficient water transportation could reduce the cost of moving goods and lessen pressure on road infrastructure.
Mr. Tanoh stressed that the 24-Hour Economy would place emphasis on sustainable and quality employment rather than temporary jobs created during construction.
He said companies that benefit from government incentives would be required to enter into performance agreements covering investment, job creation and compliance.
Businesses would also be expected to indicate the nature and quality of jobs they intend to create, including managerial and technical positions.
This, he said, would prevent companies from simply reporting large numbers of low-paying jobs while failing to build the technical and professional workforce required for Ghana’s industrial transformation.
He said mechanisms are also being developed to properly monitor and measure employment generated through the programme and provide greater transparency on its progress.
Transforming Ghana’s Economic Structure
Mr. Tanoh urged the media and the public to view the 24-Hour Economy as a long-term transformation programme rather than an immediate solution to all of Ghana’s economic challenges.
He said the initiative would require sustained efforts to improve productivity, reduce production costs, attract investment, expand local manufacturing and strengthen Ghana’s position in international markets.
He maintained that the ultimate objective is to move Ghana away from an import-dependent economic structure towards a productive, industrialised and export-oriented economy.
“The 24-Hour Economy is not simply about making businesses operate around the clock. It is about restructuring the economy so that growth translates into production, exports, jobs and prosperity for Ghanaians,” Mr. Tanoh said.