• Ghana plans to raise $4 billion over four years to support its 24-Hour Economy program
• The initiative, launched by President Mahama, aims to boost productivity and create 1.7 million jobs
• The program comes as the country battles inflation, debt restructuring, and rising unemployment

Ghana’s government plans to raise $4 billion over the next four years to finance its ambitious 24-Hour Economy program. The announcement was made on Monday, June 30, by Augustus Obuadum Tanoh, presidential advisor for the program’s secretariat, according to Ghana News Agency.

Mr. Tanoh said the government will seek funding from development institutions and financial partners to support the initiative. He also confirmed that the state will provide an initial capital injection of $300 million to assist businesses and individuals participating in the program so they can increase production.

The 24-Hour Economy initiative was introduced by Ghanaian President John Dramani Mahama as part of efforts to overhaul the national economy. The plan is designed to unlock the country’s full potential by promoting round-the-clock productivity across key sectors. Authorities expect the program to generate 1.7 million jobs within four years, supporting industrial growth and economic transformation.

Since taking office, President Mahama has made economic recovery a priority, facing challenges such as high public debt, ongoing debt restructuring efforts, and stubborn inflation. In November 2024, Ghana’s inflation rate reached 23%, up from 22.1% in October, while the unemployment rate stood at 3.1% in 2023, according to World Bank data.

The government has rolled out tough reforms to restore financial stability, including budget cuts and tax and energy sector reforms. Among these measures is the removal of several taxes, including the controversial electronic transaction levy (E-Levy), along with renegotiating contracts with independent power producers (IPPs) to reduce capacity charges and operational costs.

The full economic policy document for the 24-Hour Economy will be presented to Parliament after its official launch scheduled for July 2.