24-Hour Economy to provide on-lending support to agribusinesses

24-Hour Economy Initiative

The Government of Ghana will offer loans to small and medium-sized enterprises (SMEs). Interest rates will range from eight to 12 percent. These loans will focus on agribusinesses aiming for export expansion.

The SMEs On-lending facility will be managed by several organizations. This includes the 24-Hour Economy Secretariat, Bank of Ghana, and Development Bank of Ghana. Private financial institutions will also participate.

This initiative is part of the 24-Hour Economy Policy. It was a campaign promise by the National Democratic Congress (NDC) for the 2024 elections.

Dr. Ishmael Nii Amanor Dodoo announced this during a media launch. The event was for the 2025 Horticulture Expo in Accra on Tuesday.

Dr. Dodoo explained that this financing model helps agribusinesses deal with forex fluctuations. It aims to make them competitive internationally.

To access the SMEs On-lending facility, businesses must join recognized associations. For example, they can join the Federation of Association of Ghanaian Exporters (FAGE). This helps reduce investment risks and ensures loan recovery.

The facility will also provide seed capital and technical support for farmers. This includes extension services and capacity-building opportunities.

“This is not politics but a citizen-led initiative,” Dr. Dodoo stated. He emphasized growing agricultural businesses to strengthen the economy.

The 24-Hour Economy Policy promotes partnerships with the private sector. Its goal is to unlock financial investments in agribusinesses, enhance food sufficiency, and create jobs for youth.

Dr. Dodoo said it aims to increase outputs and add value to raw materials. Ghanaians should take control of their US$77 billion GDP, he added.

He highlighted the need for efficiency in sectors like textiles, valued at US$1.2 billion.

Mr. Davis Narh Korboe leads the Federation of Association of Ghanaian Exporters. He expressed commitment to exceeding five billion dollars in non-traditional exports.

The second edition of the Horticulture Expo will occur at Accra International Conference Centre from June 11-13 this year.

Over 400 exhibitors and 5,000 participants are expected at the expo. It aims to facilitate business-to-business meetings and networking opportunities.

This event will help Ghanaian exporters connect with international markets and form partnerships for growth.

Key commodities featured include coconut products, mangoes, pineapples, sweet potatoes, onions, and chilies.