Ghana has taken a bold step to accelerate its economic transformation through the 24-Hour Economy program with the signing of a Memorandum of Understanding (MoU) between the 24-Hour Economy Secretariat and the Arab Bank for Economic Development in Africa (BADEA).
The agreement, valued at $500 million, is designed to channel much-needed financing into small and medium-sized enterprises (SMEs), widely regarded as the backbone of Ghana’s economy.
The signing ceremony, hosted at the Bank of Ghana’s headquarters in Accra, brought together senior government officials, representatives of the central bank, and executives of BADEA. It underscored Ghana’s determination to deepen strategic partnerships that can unlock financing, create jobs, and modernize critical sectors.
Second Deputy Governor of the Bank of Ghana, Matilda Asante-Asiedu, set the tone by highlighting the significance of the partnership. She reminded participants that the central bank has a key role in maintaining macroeconomic stability and shaping an environment where investments can thrive.
“On behalf of the Bank of Ghana, I welcome you warmly to this institution as we witness what we believe to be a milestone partnership between the 24-hour economy and, by extension, the government of Ghana and BADEA”.
Second Deputy Governor of the Bank of Ghana, Matilda Asante-Asiedu
Mrs. Asante-Asiedu explained that the MoU was more than symbolic—it represented a shared vision of structural transformation for Africa. She stressed that the 24-Hour Economy is not only about extending working hours but about enhancing competitiveness and inclusion across sectors.
“We commend BADEA for its commitment to Africa and for choosing Ghana as a strategic partner for this initiative. We are very confident that the memorandum of understanding that you will sign today will open new pathways for technical cooperation, financing, and perhaps more importantly, knowledge sharing.”
Second Deputy Governor of the Bank of Ghana, Matilda Asante-Asiedu
She assured the 24-Hour Secretariat and BADEA that the central bank would continue to engage constructively, ensuring that this commitment produces concrete benefits for livelihoods and contributes to sustainable development.
A Strong Vote of Confidence in Ghana’s Economy
Goosie Tanoh, Presidential Advisor on the 24-Hour Economy and Accelerated Export Development Program, followed with remarks that blended gratitude with urgency. He thanked BADEA for approving the facility and for choosing Accra as the venue for its board meeting, describing it as a strong vote of confidence in Ghana’s economy and people.
“The approval means faith in our future, it means partnership, it means you are willing to work and walk with us on the path to transformation. For this, Ghana is profoundly grateful”.
Goosie Tanoh, Presidential Advisor on the 24-Hour Economy and Accelerated Export Development Program
Mr. Tanoh zeroed in on SMEs, which employ over 80 percent of Ghanaians, as the core beneficiaries of the facility. For decades, he argued, SMEs have asked the same question: where will we find capital to grow? The BADEA facility, he said, provides a clear and practical answer.
“Every cedi we lend to an SME is a cedi invested in jobs, dignity, and national prosperity. When we finance an SME today, we are financing a factory tomorrow, an export market the next day, and a stronger Ghana going forward”.
Goosie Tanoh, Presidential Advisor on the 24-Hour Economy and Accelerated Export Development Program
He emphasized that financing under this MoU must be accessible and affordable to ensure it delivers transformational impact.
Recalling the Secretariat’s earlier request for a $500 million on-lending facility, he argued that Ghana had the potential to use this arrangement as a template for broader economic transformation across Africa. “This partnership provides not only financing but also a bridge between Africa and the Middle East, built on trust and a shared vision of prosperity,” Mr. Tanoh said.
BADEA’s Support
The delegation from BADEA, led by its Chief Representative, brought an external perspective, situating Ghana’s efforts within the larger context of Arab-African cooperation.
He praised the Government of Ghana for its vision in launching the 24-Hour Economy and the Accelerated Export Development Program, describing them as bold initiatives aimed at modernizing agriculture, manufacturing, and food distribution while creating decent jobs and expanding exports. “This MOU establishes a framework for collaboration in areas that are both ambitious and highly impactful,” he stated.
He outlined BADEA’s areas of support, including technical assistance to enhance capacity, finance facilities to bolster food security, trade financing tailored to SMEs, and public-private partnership projects to drive infrastructure and competitiveness. “All of these issues will help to create a lot of new jobs for Ghana,” he added.
The BADEA representative reaffirmed the bank’s long-term commitment to Ghana, pledging to work hand-in-hand with the Ministry of Finance, the 24-Hour Secretariat, and other stakeholders to translate the MoU into tangible outcomes.
“Together, we will scale up investment, expand opportunity, and build a strong, more inclusive, and more competitive Ghanaian economy,” he said. He expressed optimism that this partnership would serve as a model for innovative Arab-African cooperation, inspiring similar initiatives across the continent.
The significance of the MoU lies not only in the financing it unlocks but also in the confidence it signals. For SMEs that have long struggled with high borrowing costs and limited access to credit, the facility could provide a lifeline for scaling operations, entering new markets, and driving job creation.
The deal could also strengthen Ghana’s positioning under the African Continental Free Trade Area (AfCFTA), as businesses with better access to capital can more easily expand to regional markets.
Moreover, the partnership deepens ties between Africa and the Middle East, highlighting new avenues for cross-regional cooperation. For President Mahama’s administration, it reinforces the 24-Hour Economy as a signature policy initiative aimed at broad-based growth, export expansion, and employment.
With the central bank promising a stable macroeconomic environment, the government focusing on policy direction, and BADEA offering financing and technical assistance, Ghana appears set on a path to boost SME growth and national prosperity.
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