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We need to fetch content.Ghana’s 24‑Hour Economy Under President Mahama: A Strategic Launchpad for AfCFTA
In a bold move that has caught the eye of investors and policymakers alike, Ghana has officially positioned itself as a 24‑hour economic hub, a development championed by former President John Dramani Mahama. According to a recent GhanaWeb report, Mahama’s administration has been actively “selling” Ghana’s continuous‑day economic model as a pivotal gateway to the African Continental Free Trade Area (AfCFTA), the continent’s most ambitious trade initiative to date. The article, which appeared in the business section of GhanaWeb, outlines how the country’s new economic framework is designed to attract foreign direct investment (FDI), streamline trade logistics, and boost overall economic resilience.
The Vision Behind a 24‑Hour Economy
The core idea of a 24‑hour economy is deceptively simple: create a business ecosystem that operates around the clock, eliminating bottlenecks that arise from traditional, fixed working hours. Ghana’s government asserts that this model will make it easier for businesses to interact with global partners, reduce transaction costs, and shorten supply‑chain cycles. It also promises to create jobs and increase productivity, especially in key sectors such as logistics, e‑commerce, fintech, and manufacturing.
President Mahama has framed the initiative as an integral part of Ghana’s larger strategy to become a central logistics and commercial hub for West Africa. “We are building a country that is always open,” Mahama told reporters, emphasizing the country’s potential to serve as a conduit for goods moving across the continent. “Our aim is to make Ghana a real business destination, not just a transit point,” he added.
Connecting the Dots to AfCFTA
The African Continental Free Trade Area, which officially launched in 2021, seeks to create a single market of 1.2 billion people and $3.4 trillion in trade. Ghana’s 24‑hour economy is positioned as a critical tool for making AfCFTA a reality on the ground. By ensuring that businesses can operate without time‑zone constraints, Ghana intends to reduce delays at borders, ports, and airports—critical points of friction for intra‑African trade.
The GhanaWeb article highlights that the 24‑hour model dovetails with the AfCFTA’s commitment to “freedom of movement of goods, services, and people.” In particular, the policy emphasizes that Ghana’s logistics infrastructure—especially the Tema Port, the new Tema Free Trade Zone, and the Accra‑Tema Motorway—has been upgraded to support continuous operations. Moreover, the government has introduced digital trade facilitation tools, such as an e‑customs system that allows for 24‑hour submission of documentation.
The Economic Rationale
Under Mahama’s stewardship, Ghana’s economy saw a series of structural reforms that laid the groundwork for this new initiative. The article cites several key achievements:
- Reduction in Import Tariffs: The government lowered duties on essential goods and machinery, making it cheaper for businesses to import components needed for manufacturing.
- Energy Sector Reforms: Ghana’s energy mix has been diversified, and the government has encouraged private sector participation in power generation, ensuring that businesses receive reliable electricity around the clock.
- FinTech Innovation: The Central Bank of Ghana has allowed fintech companies to operate without the usual licensing bottlenecks, and several mobile money platforms now offer 24‑hour transaction services.
These reforms create an environment where the 24‑hour economy can flourish. By aligning with AfCFTA, Ghana hopes to reap the benefits of increased market access, while simultaneously strengthening its domestic economy.
Stakeholder Reactions
The article reports a range of reactions from business leaders, economists, and international partners.
- Business Community: Many local entrepreneurs view the initiative as a game‑changer. “We can now ship and receive orders at any hour of the day,” said a representative from a Ghanaian e‑commerce firm. “The ability to operate 24/7 means we can be more competitive in the global market.”
- International Investors: The World Bank and the International Monetary Fund (IMF) have expressed support for Ghana’s continuous‑day policy. “Ghana’s focus on a 24‑hour economy is a forward‑thinking strategy that aligns well with regional trade integration,” commented a senior World Bank official.
- Critics: Some economists caution that a 24‑hour model could strain the country’s already limited infrastructure. They argue that without a commensurate upgrade in transport, telecommunications, and energy, the policy could lead to unsustainable over‑utilization of existing resources.
Despite these concerns, the general consensus is that the initiative, if managed prudently, could provide a substantial boost to the country’s economic prospects.
Practical Steps to Implementing the 24‑Hour Economy
According to the GhanaWeb piece, the government is taking concrete measures to put the policy into practice:
- Infrastructure Investment: Plans are underway to expand the capacity of the Tema Port and the new Free Trade Zone to handle 24‑hour operations. This includes additional cranes, warehousing facilities, and a 24‑hour security system.
- Digital Trade Platforms: The government has rolled out an e‑trade portal that allows businesses to submit customs documentation and trade permits online at any time. This portal is integrated with the African Union’s AfCFTA e‑platform, ensuring that Ghanaian exporters can seamlessly access other member states’ markets.
- Workforce Development: A training program targeting logistics personnel, customs officers, and IT professionals is being introduced to equip the workforce with the necessary skills to support continuous operations.
- Regulatory Harmonization: The Ministry of Trade and Industry is working to streamline cross‑border procedures, including standardizing documentation requirements and establishing real‑time monitoring systems for cargo movement.
The article also emphasizes that Ghana’s 24‑hour economy is not merely about operating beyond normal business hours. It’s about creating a culture of continuous service delivery, rapid decision making, and adaptive supply chains—attributes that are essential for thriving in a free‑trade environment.
Looking Ahead: The Road to AfCFTA Success
While the policy is still in its early stages, Ghana has set ambitious targets. The government aims to double the country’s export volume within five years and attract an additional $5 billion in FDI. By aligning its continuous‑day operations with the AfCFTA framework, Ghana hopes to position itself as a key player in the continent’s most significant economic integration effort.
The GhanaWeb article concludes with a reflection on the broader implications of this shift. “This is not just about Ghana; it’s about West Africa’s collective aspirations,” Mahama remarked in a recent interview. “By demonstrating that a small but strategically positioned country can successfully operate a 24‑hour economy, we’re offering a blueprint for other nations to follow.”
In a world where time is becoming increasingly commodified, Ghana’s attempt to remain “open 24/7” may indeed pave the way for a more connected and prosperous Africa—one that can fully realize the promise of AfCFTA.
Read the Full Ghanaweb.com Article at:
[ https://www.ghanaweb.com/GhanaHomePage/business/President-Mahama-sells-Ghana-s-24-Hour-Economy-as-AfCFTA-gateway-1997854 ]