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). These loans will have interest rates between eight and 12 percent. The focus is on agribusinesses looking to expand for export.

The SMEs On-lending facility will be managed by several organizations. This includes the 24-Hour Economy Secretariat, the Bank of Ghana, and private financial institutions. This initiative is part of a promise made by the National Democratic Congress (NDC) before the 2024 elections.

Dr. Ishmael Nii Amanor Dodoo announced this during a media launch in Accra. He leads Innovative Finance, Markets, and Partnership at the 24-Hour Economy Secretariat. The financing model aims to help agribusinesses handle forex fluctuations and compete internationally.

To access this facility, agri-enterprises must belong to recognized associations. For example, they can join the Federation of Association of Ghanaian Exporters (FAGE). This membership helps ensure loan recovery and sustainability.

The facility will also provide seed capital and technical support for farmers. It aims to help them expand their businesses and add value to their products. Dr. Dodoo emphasized that this initiative is citizen-led, not political.

He explained that the 24-Hour Economy Policy focuses on partnerships with the private sector. Its goals include promoting food sufficiency and creating jobs for Ghanaian youth. Dr. Dodoo stated that Ghanaians should take control of their economy's US$77 billion GDP.

He highlighted the need for efficiency in industries like textiles, valued at US$1.2 billion. Mr. Davis Narh Korboe, President of FAGE, expressed commitment to exceeding five billion dollars in non-traditional exports.

The second edition of the Horticulture Expo will occur from June 11 to 13 at AICC in Accra. It expects over 400 exhibitors and 5,000 participants from around the world. The expo aims to connect Ghanaian exporters with international markets.

Participants will engage in business meetings, networking events, and seminars during the expo. Key commodities promoted include coconut products, mangoes, pineapples, sweet potatoes, onions, and chilies.