The Head of Strategy at the 24-Hour Economy Secretariat, Abdul-Nasser Alidu, has said the government's flagship 24-Hour Economy programme is designed to unlock private sector investment to transform Ghana's economy, increase industrial production and create sustainable jobs.
Speaking to journalists after the CEOs Business Forum on the 24-Hour Economy on Tuesday, July 14, 2026, Alidu said the strategy goes beyond creating opportunities for businesses and is ultimately aimed at improving the lives of Ghanaians through increased productivity and economic growth.
"The idea of the 24-Hour Economy programme is that we are leveraging private capital to help transform the Ghanaian economy. It is not just about what is in it for the private sector, but also what is in it for Ghana," he said.
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According to him, the strategy seeks to make locally manufactured products more competitive while creating sustainable markets that will enable businesses to expand production and compete both locally and internationally.
He explained that improving the competitiveness of Ghanaian businesses would translate into higher exports, increased profitability and more employment opportunities.
"We want to ensure that our private sector is much more productive and competitive so that it can produce the goods we use. If we are able to do that, we create jobs and opportunities for our people while businesses become more profitable," he stated.
Alidu stressed that the private sector must play the leading role in driving the country's economic transformation, with government creating the right environment rather than taking on commercial risks.
"When we say private sector-focused, it means the private sector must take the lead and assume the credit risk. That is the only way this country can develop. If we don't change that mindset, the country is not going to develop," he noted.
He said one of the biggest barriers facing businesses is the high collateral requirements imposed by financial institutions, which often prevent many entrepreneurs from accessing credit to expand their operations.
To address the challenge, Alidu disclosed that the government is working on a no-collateral credit guarantee scheme that will enable banks to lend to viable businesses without requiring landed property as security.
"We are putting in place a no-collateral credit guarantee scheme so that when businesses go to the banks for loans, they don't have to own landed property in Accra before they can access financing," he explained.
He said the proposed initiative builds on the success of the Ghana Incentive-Based Risk Sharing System for Agricultural Lending (GIRSAL), which has already helped unlock significant financing for businesses operating within agricultural value chains.
Alidu also disclosed that the Secretariat is pursuing long-term financing solutions by working with the National Pensions Regulatory Authority (NPRA) to enable pension funds to invest a greater portion of their assets in the private sector.
According to him, Ghana's pension industry currently manages close to GH¢100 billion, but existing investment regulations limit the amount that can be channelled into productive sectors of the economy.
"Our pension industry has close to GH¢100 billion under management. We are working with the National Pensions Regulatory Authority to find ways to allow more of those funds to be invested in the private sector," he said.
Alidu noted that attracting foreign investors also depends on demonstrating confidence in Ghana's own economy.
He recounted a recent engagement with an international pension fund, where officials questioned why local pension funds were not investing more in domestic businesses.
"The first question they asked me was, 'Why are your pension funds not putting money in themselves?' We need to show skin in the game and demonstrate that we are serious about this transformation before we can bring others on board," he stated.
He further revealed that the government is collaborating with development finance institutions to mobilise additional resources for businesses, citing a US$280 million facility approved by the Arab Bank for Economic Development in Africa (BADEA) for on-lending through local financial institutions.
"BADEA has approved US$280 million for on-lending to the private sector, and we are working with a number of banks to ensure businesses can access those resources," he disclosed.
Alidu emphasised that although the government is facilitating access to finance, the responsibility for making investment decisions and managing business risks rests with the private sector.
"Fundamentally, this is not government taking risks. It is the private sector taking the risks. Our role is to enable businesses so they can make better decisions that will drive the long-term growth of this country," he added.
ANAS/MA
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