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Ghanaian business concerns and evolution of 24-Hour Economy

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2026-09-28 08:11 UTC → 2026-09-30 20:58 UTC · added ~~removed~~

Business leaders in Ghana have expressed concerns regarding the implementation of the government’s 24-Hour Economy programme. Mark Badu-Aboagye, CEO of the Ghana Chamber of Commerce and Industry, warned that the 2026 Mid-Year Budget Review lacked the necessary concrete backing to support the initiative, citing high financing costs and electricity prices as barriers to investment. Seth Twum Akwaboah, President of the Association of Ghana Industries (AGI), has urged the government to prioritize substantive policy design and consultative development over slogans. Parliamentary Minority members have criticized specific aspects of the policy, particularly the construction of 24-hour markets. Francis Asenso-Boakye, the Ranking Member on the Local Government and Rural Development Committee, argued that market success must be driven by genuine economic demand rather than political branding. The Minority cautioned that a market cannot become viable through designation alone, noting that successful operations require traders willing to work nights, sufficient patronage, security, reliable electricity, and sanitation. In response, the 24-Hour Economy and Accelerated Export Development Programme, a central part of President John Dramani Mahama’s ‘Resetting Ghana Agenda’, aims to transform the nation into an industrial hub. ~~This initiative seeks to unlock a $9 billion annual agro-industrial sector by shifting from raw material exports to processing finished goods.~~ To support this, the government is implementing the 24-Hour Economy Markets Initiative to modernize traditional markets across 16 administrative regions and 261 districts. These ~~open-air~~ hubs, such as Makola in Accra and Kejetia in Kumasi, are vital to the national economy, accounting for approximately 60 per cent of total retail sales and supporting livelihoods for traders, porters, and drivers. Addressing the regulatory environment, Chief of Staff Julius Debrah stated that achieving a 24-hour economy depends heavily on legal and regulatory reform.

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