The final day of Ghana’s 2025 National Economic Dialogue (NED) saw a critical discussion on the government’s 24-hour economy policy, with the Minister for Trade, Agribusiness, and Industry (MOTI), Hon. Elizabeth Ofosu-Adjare, reaffirming the administration’s commitment to engaging the private sector in shaping its implementation.
Addressing the forum, she emphasized that for the initiative to succeed, it must be widely accepted across the country, particularly by businesses that will be directly affected by its rollout.
“Policies must be carefully thought through. This 24-hour economy policy will be discussed thoroughly with them (the private sector) so that it will be acceptable by the whole country. If that happens, then years thereafter, it will stay and people can plan with it”
Hon. Elizabeth Ofosu-Adjare, Minister for Trade, Agribusiness, and Industry
A Conducive Business Environment
A key theme throughout the discussions was the need to establish a strong macroeconomic foundation that would allow businesses to thrive.
The private sector, she noted, had been vocal about the importance of improving Ghana’s debt-to-GDP ratio and ensuring a strong sovereign credit rating.
“They have indicated that if the macroeconomic environment is good, they are business people, they know how to thrive,” she remarked.
Financing was another major concern raised by the business community.
Ghana’s high cost of credit remains a significant barrier to competitiveness, and Ofosu-Adjare assured the forum that the issue was being addressed at the highest levels.
“Financing is very expensive in the country and doesn’t make them competitive. The finance minister is here, and he heard that. So I’m sure together, we will work towards creating the environment for them to get good financing”
Hon. Elizabeth Ofosu-Adjare, Minister for Trade, Agribusiness, and Industry
Business Registration and Access to Land
Beyond macroeconomic stability and financing, bureaucratic inefficiencies in business registration and land acquisition were also highlighted as pressing issues.
The minister pledged that the government was actively working to improve coordination between agencies responsible for business facilitation.
“The Ministry of Trade, Agribusiness, and Industry is the BRR unit that coordinates business registration and things like that.
“We are coming up with an act to make sure that the things that they ask for, the agencies will be required by law to provide for them. If that happens, business can be done expeditiously”
Hon. Elizabeth Ofosu-Adjare, Minister for Trade, Agribusiness, and Industry
On the issue of land, she acknowledged that legal battles over ownership deter businesses from making long-term investments.
“As a lawyer of twenty years standing, I know the number of years that you stay in the courtroom to get justice for land litigation.
“And so the business sector is not willing to be associated with acquisition of land. They want the government to take the lead in this area”
Hon. Elizabeth Ofosu-Adjare, Minister for Trade, Agribusiness, and Industry
She assured stakeholders that efforts were already underway to establish more land banks for industrial use.
SOEs and Local Production
The role of state-owned enterprises (SOEs) in economic growth was another focal point, with a strong push for increased local participation in their financing and management.
Ofosu-Adjare noted that the government was seriously considering listing SOEs on the stock exchange as a means to attract domestic investment.
“Abena was emphatic,” she said, referencing a private sector representative who advocated for the listings.
“Abena, I’ve heard. I’m sure that the government will look at listing SOEs and make sure that we get some of our funding locally. That’s the only way our pension funds will grow for us to get good pensions”
Hon. Elizabeth Ofosu-Adjare, Minister for Trade, Agribusiness, and Industry
Another critical area of concern was Ghana’s overreliance on imported raw materials.
The minister highlighted that industries were currently importing nearly 90% of their raw materials, a situation that significantly weakens local value chains.
“And so the Feed the Industry program will help produce raw materials for industries. We are not looking only at agricultural produce, but looking at bauxite production, and what have you”
Hon. Elizabeth Ofosu-Adjare, Minister for Trade, Agribusiness, and Industry
Agribusiness, in particular, was identified as a key sector for expansion, with plans to support local producers in adding value to raw materials.
Closing her remarks, Ofosu-Adjare pledged to maintain open dialogue with the private sector, underscoring the importance of collaboration in building a resilient economy.
“By and large, I’m with the private sector,” she declared, and promised her presence at follow up meetings over the next couple of months.
The goal is to make sure that together and proactively, Ghana builds a robust trade, agribusiness, and industry sector.
Her approach is one that prioritizes sustained engagement with the private sector to ensure that policies like the 24-hour economy are not only well-structured but also widely embraced.
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