Accra: The Chief Executive Officer of the Ghana National Chamber of Commerce and Industry (GNCCI), Mark Badu-Aboagye, has warned that high borrowing costs and the absence of a clear implementation strategy could undermine the success of the government's flagship 24-Hour Economy policy. Speaking on JoyNews' PM Express Business Edition, he expressed concerns about the challenges businesses face due to the current economic environment.
According to Ghana Web, Badu-Aboagye emphasized that despite a decline in lending rates, they still remain prohibitively high for manufacturers and investors aiming to establish factories. He noted that the interest rate of 16.5% and a policy rate of 14% are still considered too high for those interested in industrialization. He argued that the government needs to foster an environment conducive to private sector growth.
He further stated that expecting businesses to finance industrial projects at commercial rates is impractical. Drawing parallels with previous development policies like the 1D1F, he noted that businesses are unlikely to take risks without favorable borrowing conditions. He criticized the 2026 Mid-Year Budget Review for lacking a definitive plan for implementing the 24-Hour Economy policy, calling the omission disappointing.
While recognizing the efforts of the 24-Hour Economy Secretariat, Badu-Aboagye pointed out that the real challenge lies in the implementation of policies rather than their design. He also highlighted that merely allocating GHS101 million to run the Secretariat does not equate to progress. Instead, businesses are looking for practical measures that support industrialization, which he believes is crucial for achieving the government's objectives of boosting exports and creating jobs.