Mahama details progress on 24-hour economy, institutional partnerships

President John Dramani Mahama has reiterated the commencement of the much-anticipated 24-Hour Economy policy, highlighting that concrete steps are underway to operationalise the initiative

Speaking during his address to the nation on his 120-Day Social Contract, he outlined significant developments, institutional partnerships, and legislative reforms aimed at making the 24-Hour Economy policy a reality.

According to him, the policy’s secretariat is collaborating with the Development Bank of Ghana and the Ghana Infrastructure Investment Banks to operationalise funding pillars for the policy.

He further revealed that the Cabinet has approved amendments for the Ghana Investment Promotion Act and the Ghana Labour Act to include specific clauses regarding 24-hour operations.

According to him, several institutions, both public and private, are already preparing to align with the policy.

“The Ministry of Foreign Affairs has launched a 24-Hour Passport Service with the passport application headquarters operating 24/7. The DVLA used a 24-hour service to clear a longstanding backlog of licenses and will soon commission a new 24-hour service office at Adenta in Accra. The Youth Employment Agency is set to launch the Graduates in Corporate Support (GRICS) Programme, which will attach the graduates to firms operating 24 hours a day. This programme is targeting 20,000 graduates.

“The YEA is also partnering with security agencies, the Fire, Police, and Immigration Services to provide security for 24-hour firms and is working towards training and deploying 23,000 recruits for this purpose,” he said

He added that the Ministry of Energy and Green Transition is set to charge a lower tariff at off-peak hours as a direct incentive to companies that subscribe to the 24-Hour Economy policy.