President John Dramani Mahama has announced that Ghana is nearing the establishment of a Women’s Development Bank while also confirming that the country’s 24 Hour Economy Authority Bill has officially become law.
The announcements were made during his address at the 69th Independence Day celebration held at the Jubilee House, where he outlined several economic reforms and development priorities for the nation.
In his speech, the president revealed that the process to establish the Women’s Development Bank is almost complete. According to him, the initiative is intended to address the financial barriers faced by many women entrepreneurs across the country.
“I am pleased to announce that we are in the final stages of setting up the Women’s Development Bank,” President Mahama said. He explained that the work toward establishing the bank has been led by Vice President Professor Jane Nana Opoku Agyemang, whose leadership has been instrumental in advancing the initiative.
President Mahama emphasized the critical role women play in Ghana’s economic landscape, particularly within the informal sector. He noted that women entrepreneurs have historically been central to sustaining businesses and supporting families, yet many continue to struggle with limited access to affordable credit.
“Our women entrepreneurs have historically been the backbone of Ghana’s informal economy. and yet too many of them face barriers to affordable credit.”
President of Ghana, HE John Dramani Mahama
The President stated that the new financial institution will focus on providing services specifically designed to support women led businesses. These services will include accessible financing, mentorship, and business development support aimed at helping women expand their enterprises and create employment.
“This Women’s Development Bank will provide accessible financing, mentorship, and business support that is tailored to women-led enterprises,” President Mahama explained.
He further stressed that empowering women economically has a wider impact on society. According to him, stronger support for women entrepreneurs will translate into stronger families and communities.
“When women succeed, families thrive and nations prosper. Women of Ghana, we are committed to investing so that you realise your full potential.”
President of Ghana, HE John Dramani Mahama
24-Hour Economy at Takeoff
Alongside the announcement about the women-focused financial institution, President Mahama also disclosed that he has assented to the 24 Hour Economy Authority Bill, turning the proposal into law.
He described the legislation as a historic reform that will increase productivity and expand employment opportunities across several sectors of the economy.
“My fellow countrymen and women, I am pleased to announce that I have assented to the 24 Hour Economy Authority Bill and it has now become law”.
President of Ghana, HE John Dramani Mahama
The resident explained that the policy will encourage businesses and industries to operate beyond the traditional working hours. Under the new system, businesses will be incentivised to run multiple shifts while factories will operate continuously.
He said the initiative is expected to improve the efficiency of national infrastructure and stimulate economic activity throughout the day and night.
“Businesses will be incentivised to run across multiple shifts. Factories will operate around the clock and services will become more accessible to our citizens”.
President of Ghana, HE John Dramani Mahama
Job Creation through Industrialization
According to the President, the implementation of the 24-hour economy framework will lead to job creation in several industries. He indicated that employment opportunities are expected to emerge in sectors such as manufacturing, logistics, transportation, and security.
“A thousand new jobs will be generated across various sectors ranging from manufacturing and logistics to security and transportation,” he said. President Mahama added that the policy will position Ghana as a competitive industrial hub by making better use of the country’s infrastructure and workforce.
He said the broader goal is to stimulate growth while improving economic opportunities for citizens. “This initiative will enable us to optimise the use of our national infrastructure and establish Ghana as a competitive industrial hub,” he explained.
The President also placed Ghana’s development within the broader context of Africa’s future. He said the country’s progress is closely tied to the progress of the continent, which is home to more than 1.4 billion people and one of the youngest populations in the world.
He pointed to the African Continental Free Trade Area, headquartered in Accra, as a major opportunity for economic transformation across Africa. The initiative, he said, represents one of the most ambitious efforts to integrate African markets and expand trade on the continent.
President Mahama described the continental trade agreement as a unified market for goods and services as well as a platform for innovation and economic independence for African nations.
He said Ghana intends to continue demonstrating leadership by showing that democratic governance, economic reform, and African unity can work together to promote development.
Looking ahead to Ghana’s 70th independence anniversary next year, the president called on citizens to renew their commitment to national progress. He outlined a vision of a country where hunger is eliminated, education is accessible, and healthcare is affordable for all.
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