By: Sarah Baafi
President John Dramani Mahama has outlined a raft of incentives for businesses under Ghana’s proposed 24-hour economy initiative, following Parliament’s passage of the 24-Hour Economy Authority Bill.
Speaking at the Kwahu Business Forum, the President revealed that the government is moving swiftly to operationalise the policy, including setting up offices and recruiting personnel for the newly established authority. The next phase, he said, will involve the registration of companies willing to operate under the 24-hour framework.
According to him, several companies already running multiple shifts are expected to be among the first to sign on. He cited firms like Centuo and others that currently operate around the clock as natural entrants into the programme.
A key highlight of the policy is a package of incentives designed to encourage participation and expansion. President Mahama announced that businesses registered under the initiative would enjoy duty-free importation of plant and machinery if they expand their operations.
In addition, registered companies will benefit from expedited port services. “Any business registered under the 24-hour economy authority will be able to clear its goods within 24 hours at the port,” he stated, emphasising the government’s commitment to improving efficiency and reducing delays in trade logistics.
The President explained that while some incentives have already been outlined, a comprehensive package will be presented to Parliament for approval, as only the legislature has the mandate to grant tax waivers and exemptions.
The 24-hour economy policy, a flagship initiative of the Mahama administration, aims to boost productivity, create jobs, and stimulate economic growth by encouraging continuous business operations across key sectors.
With implementation structures now being put in place, attention is turning to how quickly businesses will embrace the initiative and the extent to which the promised incentives will drive participation.
