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0 The Chief of Staff, Mr. Julius Debrah, has urged Chinese manufacturers to take advantage of Ghana’s 24-hour economy initiative, highlighting it as a major incentive for profitable investment.
Speaking at the opening of a Ghana-China business summit in Accra, Mr. Debrah described the initiative as a three-shift system designed to enhance productivity.
“The government, as part of our flagship programmes, is introducing what is commonly known as the 24-hour economy, which eventually gives you an expansion in your production capacity.
“Because instead of going to work for just eight hours, you have the opportunity to work for 24 hours with incentives given to you,” he said.
Under the theme “Synergising Opportunities: Strengthening the Ghana-China Relationship and Fostering a 24-Hour Economy,” the summit brought together Ghanaian and Chinese investors and businesses.
Mr. Debrah pledged government support to help Chinese businesses succeed, emphasizing Ghana’s readiness to welcome and encourage investment.
“When you invest in Ghana, you have the opportunity to export into the other West African countries — Burkina Faso, Mali, Niger, Guinea,” he said, citing Ghana’s role as host of the African Continental Free Trade Area (AfCFTA) Secretariat, proximity to Europe, strong airline connectivity, and two major ports as key strategic advantages.
He added that Chinese manufacturers who adopt the 24-hour economy model would benefit from tax incentives, a Time of Use (TOU) electricity tariff system with smart meters, and cheaper, more reliable power during off-peak hours.
Mr. Debrah identified key sectors ripe for investment, including petrochemicals, housing, electric vehicles, tourism, and agriculture.
He called for deeper collaboration between Ghana and China, noting the existing trade imbalance.
“As we speak, we have over 100 manufacturing entities owned by either the Chinese State government or the Chinese private sector. What that tells us is that Ghana is not a bad place to do business after all.”
In 2023, China exported goods worth US$3.7 billion to Ghana, while Ghana’s exports to China stood at US$1.8 billion.
Despite this imbalance, Mr. Debrah expressed optimism about the future, stating that more than 560 Chinese businesses have shown interest in operating in Ghana.
The week-long summit aims to generate ideas and broaden strategies to attract foreign direct investment (FDI), leveraging Chinese expertise and capital to enhance Ghana’s manufacturing base and reduce dependence on imports.
