Latest news with #24-HourEconomy
Business Insider
23-07-2025
- Business
- Business Insider
All you need to know about Ghana's ambitious 24-Hour Economy
Ghana is poised to launch a groundbreaking economic policy dubbed the 24-Hour Economy and Accelerated Export Development Programme, or 24H in July 2025. Ghana plans to launch the '24-Hour Economy and Accelerated Export Development Programme' in 2025 to boost productivity and economic growth. The $4 billion initiative will receive $300-$400 million in government funding to attract private investment for infrastructure projects. The program aims to create 1.7 million jobs within four years by focusing on key sectors like agriculture, manufacturing, and logistics. The ambitious initiative, spearheaded by President John Dramani Mahama's administration, aims to revolutionise the country's productivity framework by extending economic activity beyond conventional hours and integrating critical sectors into a cohesive value chain. Government seed capital to catalyse private sector Investment The 24H+ programme is estimated to cost $4 billion, with the government committing between $300 million and $400 million as seed capital. This initial funding is intended to bridge viability gaps and make bulk infrastructure projects commercially attractive to private investors. 'The initial projected cost is about $4 billion. Of that, $300 to $400 million will come from government to support the viability gap requirement, ensuring bulk infrastructure is commercially sound and attractive to private investors,' explained Mr Augustus Goosie Obuodum Tanoh, Presidential Advisor on the 24-Hour Economy. He added that private sector pledges are already nearing $2 billion. The initiative is envisioned as a national economic reboot with the goal of creating 1.7 million decent jobs within four years. It focuses on key value chains in agriculture, manufacturing, pharmaceuticals, textiles, infrastructure, and logistics, targeting import substitution, export growth, and all-day productivity. 'Despite growth, job creation has stagnated. In the 1990s, a 10% GDP growth translated to 7% job growth. Today, it's barely 2%. The 24H+ programme will ensure growth translates into prosperity for Ghanaians, not just foreign systems,' said Abdul-Nasser Alidu, Head of Strategy and Programmes at the 24H+ Secretariat. Eight strategic pillars for transformation The 24H+ programme is structured around eight interlinked sub-programmes: Grow24 – focuses on agriculture, with flagship initiatives like Eden Volta to transform the Volta Basin into a food powerhouse, and Shikpon, an urban farming scheme. Make24 – targets manufacturing, including the creation of 50 industrial parks to make Ghana West Africa's production hub. Build24 and Connect24 – aim to develop supportive infrastructure such as air cargo terminals, cold chain logistics, and inland water transport. Fund24 – provides financial incentives including concessional loans, tax credits, and a new Strategic Value Chain Development Fund (SVCDF), partially financed by levies on selected imports. Show24 – supports the creative economy and tourism. Aspire24 – focuses on human capital development. Go24 – promotes governance and civic engagement. Attractive incentives for businesses To support round-the-clock operations, businesses will be offered incentives such as: Preparing businesses for take-off A national 24-Hour Readiness Programme will also be introduced to prepare over 5,000 businesses in all 16 regions to fully embrace the new economic model.
Business Insider
30-04-2025
- Business
- Business Insider
Ghana launches advanced chip-embedded biometric passport
After ten years in development, Ghana has officially launched its long-anticipated chip-embedded biometric passport, marking a major leap forward in modernising the country's travel documentation system. Ghana has officially launched its long-anticipated chip-embedded biometric passport The new passport aims to bolster security, prevent fraud, and streamline verification processes at global checkpoints Passport applications will be processed within 15 working days, with expedited applications completed in 24 hours The unveiling ceremony took place at the Passport Office headquarters in Accra. Raising the bar on global standards This upgraded e-passport replaces the previous version and brings Ghana's travel credentials in line with international civil aviation standards. Designed with cutting-edge technology, the new passport includes an embedded microprocessor chip that securely stores biometric data and the holder's photograph. These enhancements are aimed at bolstering security, preventing fraud, and streamlining verification processes at global checkpoints. According to officials, the new system is engineered to provide quicker and more efficient service delivery. Standard passport applications will be processed within 15 working days, while expedited applications can be completed in just 24 hours. The Ministry of Foreign Affairs has described the project as both time-saving and cost-effective for applicants and the government. In alignment with the government's 24-Hour Economy policy, passport offices across the country will adopt a shift system to ensure round-the-clock service. This reform aims to increase accessibility and reduce long wait times, making passport services more responsive to the public's needs. Home delivery via Ghana post During the launch event, Foreign Affairs Minister Samuel Okudzeto Ablakwa announced a collaborative effort with Ghana Post to simplify passport collection. 'To ensure seamless delivery, we're offering free home delivery services through Ghana Post,' he explained. 'Applicants without reliable addresses will have the option to collect their documents from designated post office locations.' The e-passport comes equipped with advanced anti-fraud security features, including both visible (patent) and hidden (latent) indicators. These enhancements significantly reduce the risk of counterfeiting and identity theft. Additionally, the system will be fully integrated with the National Identification Authority's (NIA) database, enabling comprehensive identity verification for all applicants.
