24-hour economy holds the blueprint for rapid transformation, industrialisation – BoG Governor

Governor of the Bank of Ghana (BoG), Dr Johnson Asiama, has said the 24-hour economy concept serves as a launchpad for harnessing the Volta Economic Corridor’s potential for tangible outcomes.

He explained that the concept, which holds strategic priority in unlocking the Corridor’s potential, is about working smarter, faster, and more connected — not merely working longer hours.

Dr Asiama noted that the 24-hour economy aims to create a Ghana where production, finance, and commerce operate continuously.

Speaking at the maiden Volta Economic Forum dubbed “The Hogbetsotsoza Edition” on the theme, “Harnessing the Volta Economic Corridor Potentials for the 24-Hour Economic Policy Take-off” at the Reddington Beach Hotel in Whuti, Anloga District, Dr Asiama said the concept has the potential to reshape production, enhance logistics, and boost trade across Ghana and the ECOWAS region.

He observed that the vision for the Volta Economic Corridor is not merely a geographic line but a dynamic artery connecting farmlands, markets, energy sources, and border trade routes.

On infrastructure and connectivity, the Governor emphasised the need to upgrade road networks and logistics hubs, reposition border posts to facilitate trade, and develop Ho and Keta as key transport and industrial centres.

He also highlighted the importance of creating energy and industrial clusters by leveraging the Volta Basin’s renewable energy potential to establish 24-hour processing parks, ICT hubs, and light manufacturing zones powered by hydro, solar, and wind energy.

Dr Asiama stressed that human capital development is essential to anchor the concept, calling for the building of a workforce ready for a 24-hour economy and equipping the youth for the future of work through education and mindset transformation.

He added that government alone cannot deliver the full potential of the 24-hour vision, underscoring the need for strong private sector participation to package regional potential, attract local and international capital, and ensure policy consistency, regulatory clarity, and competitive tax frameworks.

The Governor reaffirmed that the BoG’s role is to stabilise the macroeconomic environment by anchoring the cedi’s value through prudent policy, creating digital finance platforms such as GhanaPay, and supporting round-the-clock commerce.

He further stated that the BoG will enhance access to finance by reforming credit systems, enabling digital lending, and supporting Small and Medium-scale Enterprise (SME)-friendly fintechs.

“We shall ensure sectoral resilience and signal Ghana’s stability and openness through green finance and reserves building,” he added.

Dr Asiama called for collective responsibility, stressing that transformation is co-created, not legislated. He urged regional assemblies, educational institutions, and traditional authorities to align with the 24-hour economy vision.

“Everyone, from government to financial institutions to community leaders, has a role,” he said.

He noted that the forum was not merely a dialogue but a launchpad for tangible outcomes — including factories, financial hubs, and expanded projects and commended the Volta Regional Coordinating Council (VRCC) and its partners for their leadership.

Dr Asiama pledged the unwavering commitment of the Central Bank to making the Volta Corridor the heartbeat of Ghana’s 24-hour economy.

Mr Julius Debrah, Chief of Staff, represented by Madam Oye Bampoe Addo, Deputy Chief of Staff (Administration), commended the organisers for their leadership and affirmed the government’s full support for the transformational agenda.

Mr James Gunu, Volta Regional Minister, reaffirmed the collective vision and readiness of stakeholders to lead Ghana’s next phase of economic transformation under the 24-Hour Economy initiative championed by President John Dramani Mahama.

He said that through the Volta Economic Corridor,

“We are unlocking opportunities in agriculture, energy, logistics, and tourism to create sustainable jobs and attract significant investment into our region. With over two million hectares of productive land, this initiative is expected to create more than one million jobs and attract over one billion dollars in investment.”

He added: “Our goal is clear — to make the Volta Region the hub of agro-industrial productivity, renewable energy, logistics efficiency, and tourism excellence. We are building an economy that works 24 hours a day, driven by innovation, technology, and the hard work of our people. Indeed, as we work together — government, private sector, and international community — we are proving that when vision meets collaboration, prosperity follows.”

The forum also brought together several ministers, ambassadors, development partners, Members of Parliament, Municipal and District Chief Executives, investors, and traditional leaders — all of whom expressed strong interest in partnering to make the Volta Region a beacon of sustainable economic growth.

DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.

Tags:  

DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.