Ghana risks missing a major opportunity to transform its economy if the government fails to give concrete backing to the 24-Hour Economy policy, Chief Executive Officer of the Ghana Chamber of Commerce and Industry, Mark Badu-Aboagye, has warned.
Badu-Aboagye expressed strong disappointment with the 2026 Mid-Year Budget Review, arguing that the policy, which has been presented as a major pillar of the government’s economic transformation agenda, received insufficient attention in the budget statement.
For the business community, he said, the concern is no longer about whether the 24-Hour Economy is a good policy. The bigger question is whether the government is prepared to create the conditions necessary for businesses to make the ambitious programme a reality.
‘We’re Doomed’ Without 24-Hour Economy
Badu-Aboagye described the 24-Hour Economy as one of Ghana’s most important development blueprints and warned that failure to implement it could have serious consequences for the country’s future.
“Let me start with my disappointment with the Mid-Year Budget review. I will take you from the perspective of the 24 Hour economy. For me, it is the major development blueprint that we have in this country, and if you miss it, we are doomed in the next years ahead of us.”
Badu-Aboagye
According to him, the government’s annual budgets should provide clear policy direction and measurable commitments towards implementing the 24-Hour Economy.
He argued that the absence of strong statements on the programme in the Mid-Year Budget Review raises questions about the seriousness of the government’s implementation strategy.
“So I’m expecting that every budget, be it a Mid-year or a major budget, should be aligned to the 24-Hour Economy, and there should be strong policy statements on the 24-Hour Economy. I didn’t see or hear much about that.”
Badu-Aboagye
Implementation Remains the Biggest Challenge
While Badu-Aboagye praised the concept of the 24-Hour Economy, he stressed that a well-designed policy means little without practical execution.
“The policy is good, eloquently presented by the 24 Economy Secretariat. But the core issue is implementation,” he said.
His concerns come at a time when the government has repeatedly emphasised that the private sector will play a central role in driving the initiative.
However, the Chamber CEO insisted that businesses cannot be expected to lead industrialisation without an enabling environment that makes investment commercially viable.
“But you need to create the environment for the private sector. That is what we are not seeing,” he warned.
High Interest Rates Threaten Industrialisation
One of the biggest obstacles identified by Badu-Aboagye is the high cost of borrowing.
Although interest rates have declined from previous levels, he argued that the cost of credit remains too expensive for businesses seeking to establish factories and expand productive capacity.
“We’ve seen interest rates coming down, but for somebody who wants to go into industrialisation, 16.5% interest is still on the higher side.”
Badu-Aboagye
He also pointed to the Bank of Ghana’s 14% policy rate as another indication that the cost of financing remains a significant barrier to private-sector investment.
Beyond interest rates, he highlighted electricity costs and other operational expenses as challenges that could discourage businesses from investing in industrial production.
For the 24-Hour Economy to succeed, he said, the government must tackle these constraints rather than simply asking businesses to provide the capital.
Businesses Cannot Borrow at Any Cost
Badu-Aboagye challenged the assumption that private businesses will simply borrow money at commercial rates and establish factories regardless of the potential returns.
He cited the previous One District, One Factory initiative as an example of the difficulties associated with relying heavily on private-sector borrowing without sufficiently addressing the cost and risks of investment.
“If you want them to say private sector, just as we’ve done for the previous development policies, the 1D1F, and we think that people will just get our private sector and just go and borrow at 35 per cent and go and set up a factory that will not make any profit for them. They won’t do that.”
Badu-Aboagye
His comments highlight a critical challenge for the government as it seeks to turn the 24-Hour Economy from a political and economic vision into functioning factories, businesses and jobs.
GH¢101 Million Secretariat Funding Not Enough
The Chamber CEO also questioned whether funding the secretariat responsible for the programme should be considered sufficient evidence of progress.
“There is not enough in setting up a secretariat and saying that I have given them GH¢101 million to run the secretariat and have an office. What is on the ground for us to see is what we are looking out for.”
Badu-Aboagye
For Badu-Aboagye, the true measure of the 24-Hour Economy will be visible investments, increased production, stronger exports and new employment opportunities.
He maintained that industrialisation must come first because it provides the foundation for the other objectives of the programme.
Industrialisation Must Come First
The Chamber CEO argued that Ghana cannot achieve significant export growth or create the scale of jobs needed by its growing population without first developing a strong industrial base.
“For policy, as I said, industrialisation, export, and then job piece. If you miss the first one, which is the fundamental, that is the industrialisation, you can’t get the second one, can’t get the third one.”
Badu-Aboagye
He therefore urged government to take concrete steps to support businesses capable of driving industrialisation.
“So industrialisation is key. Whatever we need as the private sector to be able to kickstart this industrialisation, I think they should make it happen.”
Badu-Aboagye
The warning puts renewed pressure on the government to demonstrate that the 24-Hour Economy is more than a policy promise. For Ghana’s business community, the coming months could determine whether the initiative becomes a transformative economic programme or another ambitious policy constrained by weak implementation.
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