Mahama outlines bold initiatives, says 24-hour economy policy rolls out in July

President John Dramani Mahama announced the launch of the 24-Hour Economy Policy. This policy aims to activate the Volta Lake as a major transport corridor. The government plans to decentralize its implementation.

At a meeting at Jubilee House, President Mahama shared updates on the policy. He has reviewed the final draft and believes it is ready for action. “I’m confident we now have a coherent framework,” he stated.

A stable macroeconomic environment is crucial for this policy's success. The government is coordinating closely between monetary and fiscal authorities.

To support this initiative, a 24-Hour Economy Secretariat will be established. This secretariat will coordinate the rollout and report directly to the President. It will operate as an independent authority backed by legislation.

A key feature of this policy is developing the Volta Lake Economic Corridor. This corridor will turn the lake into a national logistics route. “It will become a national production zone and logistics hub,” said President Mahama.

The plan includes cultivating over two million hectares of lakeside land. It also aims to revitalize the fishery sector and create industrial parks for local markets.

The government will invest in floating assets, lake ports, and partnerships. “The lake will serve as a transport highway,” he explained, improving efficiency in moving goods.

The 24-Hour Economy Policy focuses on job creation and inclusive growth. It identifies priority value chains like agro-processing, pharmaceuticals, textiles, tourism, and digital services. Each sector has specific challenges with targeted solutions outlined in the program.

Infrastructure development will be led by the Ghana Infrastructure Investment Fund. They will oversee building industrial parks and upgrading transport links. Financing will come from the Development Bank of Ghana and Venture Capital Trust Fund for SMEs.

President Mahama also discussed land and skills development initiatives. Local land banks will be created to attract investors more easily. The Aspire24 sub-program aims to train youth for various jobs.

This policy emphasizes decentralized implementation from local levels up. Each district will form its own task force aligned with local economic policies.

The draft program document will be available for public consultation on Tuesday. An official launch is planned for July, likely on Ghana’s Republic Day.

President Mahama expressed optimism about this structured plan's potential impact on economic transformation. The 24-Hour Economy Policy was a key campaign promise during his election bid in 2024.