Accra: Mr. Stephane Miezan, the President of the Ghana National Chamber of Commerce and Industry (GNCCI), has stated that the government's 24-Hour Economy and Accelerated Export Development Programme holds the potential to significantly transform Ghana's economy if implemented effectively. The initiative provides a strategic framework for industrialisation, value addition, export growth, and sustainable job creation, extending beyond mere continuous production and round-the-clock markets.
According to Ghana News Agency, Mr. Miezan made these remarks during the CEOs Business Forum on the 24-Hour Economy and Accelerated Export Development in Accra, organized by the Chamber. The forum gathered business leaders, policymakers, and financial sector stakeholders to discuss how the 24-Hour Economy agenda could accelerate industrial growth, boost exports, strengthen private sector competitiveness, and unlock new investment opportunities.
Mr. Miezan emphasized that the success of the programme hinges more on effective implementation than policy design, citing past initiatives like the One District One Factory, which were hampered by weak implementation. He assured that the Chamber, as the voice of the private sector, is committed to collaborating with the government and other stakeholders to ensure successful implementation and long-term sustainability of the programme, regardless of political changes.
He advocated for the initiative to be incorporated as a long-term national development agenda, anchored within the National Development Planning Commission (NDPC) and supported by constitutional provisions, to ensure policy continuity, consistency, and investor confidence. Additionally, he urged the government to establish a comprehensive monitoring and evaluation framework, backed by annual public reporting, to ensure accountability.
Mr. Miezan expressed concerns about rising electricity tariffs, which have increased production costs and weakened the competitiveness of local manufacturers. He called for targeted energy cost relief for manufacturers and recommended that the government facilitate access to modern machinery and technology for businesses, prioritising value-added export products to maximise opportunities under the African Continental Free Trade Area (AfCFTA).
He also appealed to the government to enhance export market access through trade missions, business matchmaking, and export promotion activities, enabling Ghanaian businesses to compete effectively in international markets.
Mr. Abdul-Nasser Alidu, the Chief Programme Officer at the 24-Hour Secretariat, highlighted that the programme's success largely depends on active private sector participation and investment. He noted that the initiative is fundamentally private sector-focused, aimed at leveraging private capital to transform Ghana's economy, improve productivity, and enhance the competitiveness of local businesses.
Mr. Alidu explained that the 24-Hour Economy Programme represents a micro-level component of the government's broader macroeconomic transformation agenda, which aims to stabilize the economy and reduce borrowing costs. With declining inflation and lending rates, the focus is on ensuring businesses have access to long-term financing, with funding directed towards productive sectors.
He mentioned that the Secretariat is working on credit enhancement mechanisms, including a credit guarantee scheme, to facilitate business access to loans without heavy collateral requirements. Mr. Alidu stressed that the programme would operate through a commercially driven model where financial institutions manage risks, ensuring investments are viable and repayment is likely.
Emphasizing the private sector's role, Mr. Alidu stated that allowing banks and financial institutions to make lending decisions would improve accountability and investment viability. He also highlighted engagements with the pension industry to unlock long-term domestic capital for private sector development, noting that Ghana's pension industry manages significant funds that could support productive investments.
Mr. Alidu mentioned partnerships with development finance institutions, including a $280 million facility approved by the Arab Bank for Economic Development in Africa for onward lending to the private sector through participating financial institutions.