President John Dramani Mahama promises to implement 24-hour economy
The Acting Chief Executive of the Ghana Investment Promotion Centre (GIPC), Simon Madjie, has outlined some benefits of the government’s flagship 24-hour economy initiative.
According to him, businesses that adopt the initiative will enjoy various incentives, including lower operational costs and more affordable electricity, among others.
He encouraged businesses to implement the policy by extending their working hours to boost productivity.
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 seeks to create sustainable jobs, boost productivity, and enhance the competitiveness of local businesses.
“It is anchored on the broader vision of transforming Ghana into an import-substitution and export-led economy, with a focus on modernizing agriculture, promoting agro-processing, and supporting the private sector,” he stated.
According to him, the policy targets key industries such as agro-processing, pharmaceuticals, manufacturing, construction, digital startups, financial services, and select public institutions, including ports, customs, and the passport office.
The 24-hour economy presents significant benefits 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.
“Additionally, the government will provide financial support to strategic agro-processing and manufacturing companies to boost production capacity for import substitution and exports. 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,” Madjie said.
He noted that the GIPC Act, 2012 (Act 865), will be amended to introduce strategic incentives designed to attract and support investors looking to take advantage of opportunities under the 24-hour economy initiative.
SSD/MA
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