Els: MBN360 Business
In a move that marks the formal commencement of Ghana’s most anticipated economic pivot, President John Dramani Mahama has officially appended his signature to the 24-Hour Economy Authority Bill, signing the document into law.
With this legislative milestone, the 24-Hour Economy is no longer merely a strategic campaign promise or a policy proposal; it is now a statutory reality, empowered with the institutional weight to transform the nation’s productivity landscape.
Speaking during a brief but momentous ceremony at the Jubilee House, President Mahama described the move as one that does not just provide essential legal backing for a policy that has served as the cornerstone of the “Industrial Reset,” but transitions the initiative from the halls of Parliament to the theater of execution.
“Cabinet colleagues, I’ve just appended my signature to give assent to the 24-hour authority bill. It is my pleasure to assent to this bill today. This is a bill Ghanaians have been waiting for. It was one of our flagship strategies for economic transformation.
“It’s taken a while, but we needed to go patiently through the process to give legal effect to it. And so, from now, we must move from strategy to implementation. The business sector is waiting. Ghanaian investors are waiting. Foreign investors are waiting”President John Dramani Mahama
Acknowledging that both Ghanaian and foreign investors have been waiting for this legal clarity before committing the significant capital required to scale their operations into triple-shift cycles, President Mahama announced an end to the era of deliberation and everyone to embrace action.
According to the President, the newly created 24-Hour Economy Authority is now legally mandated to coordinate the delivery of the program, acting as the primary interlocutor between the state and the private sector. This signals to the global and domestic investment community that the structural framework for a round-the-clock economy is ready for business.
The President noted that the legal framework provides the “clear systems,” that will enable businesses to invest with confidence, knowing that the incentives, security, and infrastructure support promised under the policy are now anchored in law.
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Private Sector Engagement
Central to the Authority’s mandate is the rollout of a comprehensive package of incentives. This includes tax rebates, preferential electricity tariffs for night-shift operations, and enhanced security protocols for industrial zones.
The President highlighted that these incentives are the “carrots,” that will drive the expansion of productivity and, crucially, the creation of sustainable employment for Ghana’s burgeoning youth population.
The Authority will serve as a one-stop-shop for businesses looking to transition to 24-hour operations, streamlining the bureaucratic processes that have historically hindered industrial expansion.
By providing a dedicated institutional home for the policy, the government aims to ensure that the 24-Hour Economy & Accelerated Export Development (24H+) program is insulated from the typical siloed approach of traditional ministries.
In his closing remarks, President Mahama extended deep appreciation to the technical and advisory team that shepherded the Bill through its various stages. He specifically singled out Mr. Goosie Tanoh, the Presidential Advisor for the 24-Hour Economy & Accelerated Export Development, and his team for their tireless work in refining the strategic and legal dimensions of the policy.
The involvement of Mr. Tanoh, a seasoned strategist with deep roots in both private sector management and revolutionary policy development, is seen as a signal of the government’s intent to marry technical rigour with political will.
As the Authority begins its work, the immediate priority will be the designation of “24-Hour Zones,” and the finalization of the operational guidelines for the Export Development component of the program.
For the Ghanaian worker, this assent represents the dawn of a new era of opportunity. For the investor, it represents a secure, legally-backed environment to grow. The Mahama administration has laid the foundation; now, the nation prepares to work through the night to build a prosperous future.
