The Presidential Adviser at the 24-Hour Economy Authority, Goosie Tanoh, has said the government’s 24-Hour Economy initiative is not merely about extending working hours but transforming the country into a high-productivity economy capable of creating better-paying jobs through industrialisation and value addition.
He said the policy sought to maximise the country’s productive capacity by ensuring industries operated more efficiently, embracing innovation and creating opportunities across multiple sectors of the economy.
“A 24-hour economy is, therefore, not merely about extending business hours. It is about transforming Ghana into a nation where opportunities are continuously created, industries operate efficiently, technology drives productivity, and every citizen has the opportunity to contribute to national development,” Mr Tanoh said in a statement read on his behalf by the Director of Partnerships at the 24-Hour Economy Authority, Ishmael Nii Amanor Dodoo, at the Made-in-Ghana Business Summit in Accra last Friday (July 10).
The summit was held on the theme: “Unlocking Regional Potential: Driving Industrialisation, Youth Entrepreneurship, Job Creation and Made in Ghana Prosperity”.
The event, organised by the Entrepreneurs Foundation of Ghana, brought together the government, business leaders, investors, diplomats and development partners to explore practical strategies for extending investment and economic opportunities beyond Accra into all regions of the country.
Sustainable economic growth
Mr Tanoh explained that sustainable economic growth would depend on the country moving away from exporting raw materials to producing high-value manufactured goods for domestic consumption and export.
“Ghana must move from exporting cocoa to producing premium chocolate, from exporting bauxite to manufacturing aluminium products, from exporting timber to producing quality furniture, and from exporting raw agricultural produce to becoming a leading exporter of processed foods,” he said.
According to him, industrialisation remained the foundation of lasting prosperity because it created value, increased incomes, stimulated innovation and generated thousands of quality jobs.
Mr Tanoh said government policies should, therefore, encourage investment in manufacturing, agro-processing, pharmaceuticals, renewable energy, digital technologies, textiles, automotive assembly and mineral beneficiation.
He identified youth entrepreneurship as another critical pillar of the 24-Hour Economy, noting that more than 60 per cent of the country’s population was below the age of 35.
“A successful 24-hour economy must intentionally empower young entrepreneurs through affordable financing, skills development, incubation centres, digital infrastructure, simplified regulations and strong partnerships between government, academia and industry,” he said.
Revenue collection
The Technical Advisor to the Commissioner-General of the Ghana Revenue Authority (GRA), Elsie Appau-Klu, said the authority has recorded a strong start to the second half of this year, raising GH¢22.71 billion against a target of GH¢22.48 billion.
The performance, according to her, was driven by contributions from both the Domestic Tax Revenue Division and the Customs Division, with Customs surpassing its monthly target for the first time in several months.
“This is a genuine team effort, with both our Domestic Tax Revenue Division and our Customs Division crossing the finish line together.
Our responsibility is to help create an environment where businesses compete fairly, investors plan with confidence, entrepreneurs formalise and grow, and the government has the resources to invest in long-term national development.”
Mrs Appau-Klu, however, said that the June performance was only a step towards the authority’s broader objective of meeting its annual target.
She commended taxpayers and staff of the GRA for their role in achieving the milestone, saying the result reflected the collective efforts of stakeholders.