Business

24-hour economy not funded by GHS650bn budget – Secretariat

Mr. Goosie Tanoh, Presidential Advisor for the 24-Hour Economy and Accelerated Export Development

The 24-Hour Economy Secretariat has dismissed claims that the programme is being financed with the GHS650 billion approved by Parliament over two years.

The clarification follows comments made in Parliament on July 14 by the Ranking Member of Parliament’s Economy and Development Committee, Kojo Oppong Nkrumah, questioning what the programme had delivered.

In a press release issued on July 16, the Secretariat said the figure cited referred to total government appropriations and not spending on the 24-Hour Economy initiative.

It explained that the funding structure for the programme is provided under the 24-Hour Economy Authority Act, adding that most projects are financed by private Ghanaian and foreign investors, cooperatives and businesses rather than the national budget.

Public funds, it said, are limited to project preparation, viability gap funding and the Secretariat’s coordination activities.

“The GHS650 billion cited by Hon. Oppong Nkrumah is the total that Parliament has appropriated for all government programmes over the past two years… It is by no means the expenditure made by or on the 24-Hour Economy,” the Secretariat stated.

It further noted: “Almost all of the projects are funded by private investors: Ghanaian and foreign companies and cooperatives.”

The Secretariat said the programme had secured Joint Development Agreements worth about US$5.5 billion as of May this year within a broader project pipeline valued at US$11.5 billion.

It added that the initiative aims to transform Ghana into a production-led economy by increasing manufacturing, exports and employment.

According to the statement, the programme is targeting 1.7 million decent jobs by the end of 2028, with four agreements signed over the past 90 days expected to generate more than 160,000 direct jobs.

It also cited ongoing implementation, including 24-hour operations at 268 filling stations run by 12 oil marketing companies and multi-shift operations by 33 manufacturers.

The Secretariat said it welcomes public scrutiny of the programme and would continue to respond to concerns with “facts and evidence” as implementation progresses across the country.