President John Dramani Mahama has launched the Government’s economic flagship programme, the Economy and Accelerated Export Development Programme (24H+).
The Programme envisions the transformation of Ghana into a self-reliant, industrially competitive, and export-driven economy.
It seeks to build a Ghana where value chains are fully integrated, production systems are efficient and inclusive, and human capital is globally competitive. Central to this vision is the creation of a resilient national economy that reduces reliance on imports, sustains decent employment, and leverages regional and global trade integration to deliver equitable and sustainable growth across all segments of Ghanaian society.
President Mahama, in his address at the launch of the 24H+ in Accra, said the vision behind the 24-Hour Economy and the Accelerated Export Development Programme was borne out of reflection during and after his previous term in office.
He said between 2016 and 2020, it became increasingly clear that Ghana, like many African countries, was trapped in a model of unequal exchange.
“We export raw materials and we import refined finished products. We ship cocoa, gold, timber and oil abroad, only to repurchase them as chocolates, jewellery, furniture and fuel at a far greater cost,” he said.
This model, the President said, did not serve the people and it had never served them.
He said the export of raw materials generated foreign jobs, fuelled foreign economies and funded foreign healthcare and education systems, while the nation’s youth remained unemployed, industry stagnated and imports ballooned.
The President said the 24H+ would be structured around eight thematic areas, each dubbed with a forward-looking slogan.
These include Grow 24, Make 24, Build 24, Show 24, Connect 24, Fund 24, Aspire 24 and Go 24.
- Grow 24 is about boosting agricultural productivity, agro-processing and food security.
- Make 24 is about revitalizing the nation’s manufacturing and industrialization.
- Build 24 is about accelerating infrastructure, construction, housing and public works.
- Show 24 is about harnessing Ghana’s rich creative, cultural and tourism assets.
- Connect 24 is about fixing the nation’s logistic chains, transport, warehousing, ports, energy and digital infrastructure.
- Fund 24 is about unlocking innovative financing through credit guarantee schemes, blended finance and venture capital.
- Aspire 24 is about building the skills of people, values, ethics and digital capacity for competitiveness.
- And Go 24 is about mobilizing all sectors – religious, security, academic and civic – for national productivity and pride.
He said while the 24-Hour Plus Programme was nationally scoped, the flagship intervention was the Volta Economic Corridor, a transformational effort to unlock the economic and environmental potential of the Volta Lake and its surrounding lands.
He noted that Ghana’s first President Osagyefo Dr Kwame Nkrumah envisioned the Volta project at Akosombo, not only as a source of power to power Ghana’s industrial sector.
President Mahama said Dr Nkrumah also saw it as an integrated project that would provide agribusiness, which would provide lands for agriculture irrigation.
“Unfortunately, that aspect of his vision has been lost. Today, we are re-creating Kwame Nkrumah’s dream,” he said
“Today, Osagyefo Dr Kwame Nkrumah’s dream comes alive again.”
President Mahama said the Government would irrigate over two million hectares of land for intensive agriculture under Grow 24, establish agro-industrial parks for textiles, pharmaceuticals and food processing under Make 24 and develop tourism clusters along the lake under Show 24.
He said the government would turn the lake into a central transport corridor that connected the north to the south and the east to the west under Connect 24.
President Mahama reiterated that the private sector would lead the 24HR+, while the Government would facilitate and not dominate.
He announced that the Government would soon establish the 24-Economy Authority that would report annually to the President.
President Mahama said the national strategy includes inclusive growth, export expansion, job creation and structural transformation.
“We are under no illusions. The path is going to be challenging. But we will succeed,” he said.
“The path will be challenging but we will succeed. And we will succeed with discipline, coordination and shared purpose. The 24HR+ agenda allows us to do things in a different way.”
Mr Augustus Goosie Tanoh, Presidential Advisor on the 24-Hour Economy, expressed confidence in Ghana’s ability to successfully implement the 24-hour Economy Programme.
