24-Hour Economy: A Visionary & Promising Initiative by Ghana – AfDB Pledges to Support Implementation

The African Development Bank (AfDB) has touted Ghana’s flagship 24-Economy Initiative as a very visionary and transformative development concept, throwing its full weight behind the idea.

The AfDB says it sees the concept as wielding immense potential to transform the country’s economic fortunes and move the country’s development to the next level.

The Vice President of AfDB for Private Sector, Infrastructure and Industrialization, Solomon Quaynor, made these remarks at a press briefing in Accra following a series of engagements with stakeholders of the initiatives.

Solomon Quaynor, commended the initiative as “highly visionary” and a bold step toward unlocking economic growth and employment opportunities across sectors.

“The 24-hour economy initiative looks promising and has tremendous potential to transform Ghana’s economy,” Quaynor said, adding that “This is a highly visionary concept that has captured our attention and also our enthusiasm.”

The vice president further revealed that the AfDB team has already held a series of strategic working sessions with key stakeholders, including the 24-hour Economy Secretariat, the Ghana Infrastructure Investment Fund (GIIF), and other partners.

He therefore announced the bank’s commitment to support the implementation of the initiative through some specific sectors,

“We have identified specific areas where the Bank can provide meaningful support to drive implementation,” he disclosed, signaling the bank’s intent to go beyond mere endorsement to actual partnership.

It is highly anticipated that AfDB’s support may include financing for infrastructure upgrades, energy access, industrial parks, and skills development tailored to the 24-hour model.

The endorsement by one of Africa’s leading development financiers is a significant boost to the government‘s push for a round-the-clock economic model. The policy, championed by the current administration, aims to encourage 24/7 operations in manufacturing, logistics, health, retail, and essential services to maximize productivity, create jobs, and ensure efficient use of national infrastructure.

The AfDB’s backing can also be regarded as a vote of confidence in the country’s development agenda. It comes at a time when the country is searching for innovative solutions to boost job creation, stimulate private sector growth, and insulate the economy from global shocks.

The 24-hour economy has become a central pillar of Ghana’s post-COVID recovery and industrial transformation efforts, with President John Mahama reiterating his administration’s commitment to making it a reality.

Meanwhile, as part of implementation, President Mahama has recently announced that the policy is kickstarting at the ports and harbors of the country, effective July 1, as the rollout in other sectors continues.

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