President John Dramani Mahama has signed the 24-Hour Economy Authority Bill into law, paving the way for the government to begin implementing one of its flagship economic policies aimed at boosting productivity, investment and job creation.
Mahama assented to the bill in a brief ceremony ahead of the 13th Cabinet meeting, describing it as a long-awaited strategy for economic transformation.
“This Bill, which Ghanaians have been waiting for, was one of our flagship strategies for economic transformation,” he said after signing.
The president said the process took longer than expected as the government conducted due diligence to ensure the initiative had a strong legal foundation. He said the focus must now shift from policy design to execution, with investors expecting clarity on the incentive framework.
“Now we must move from strategy to implementation. The business sector is waiting, Ghanaian investors are waiting, foreign investors are waiting,” Mahama said. “They want to see the package of incentives that we can afford, so that they can invest more and expand productivity and also create more employment for our young people.”
The law establishes a 24-Hour Economy Authority as the central coordinating body responsible for implementing the policy, aligning public and private sector efforts, and addressing infrastructure and regulatory requirements needed to support round-the-clock economic activity.
The 24-hour programme is expected to focus on sectors including manufacturing, agro-processing, logistics and services, as Ghana seeks to expand exports and strengthen domestic value addition while easing unemployment pressures.