The 24-Hour Economy and Accelerated Export Development (24H+) Secretariat says the government’s flagship programme is already up and running in some sectors of the economy.
According to the Secretariat, 12 Oil Marketing Companies are now offering round-the-clock services across 268 filling stations nationwide, while 33 manufacturers have introduced multi-shift operations as part of the programme.
It also disclosed that joint development agreements worth USD5.5 billion had been signed with co-partners, with a further USD11.5 billion worth of projects in the pipeline.
The Secretariat made the disclosures in a statement issued in Accra yesterday and copied to The Ghanaian Times, responding to remarks made in Parliament on Tuesday by the Ranking Member of the House’s Economy and Development Committee, Mr Kojo Oppong Nkrumah, on the state of the 24-Hour Economy Programme.
It explained that the programme’s slow start since its launch by President John Dramani Mahama in July last year was deliberate, meant to ensure the right policies were in place and that investors were ready before implementation began in earnest.
Work was also underway, the statement said, to make the 30 concrete projects earmarked for Phase One bankable enough to attract sustainable investment from entrepreneurs.
On specific projects, the Secretariat said the first phase of the Buipe solar and battery project, a USD1.45 billion investment expected to be completed in the first quarter of next year would generate 1,500 megawatts and supply industrial power at between six and nine US cents per kilowatt-hour.
Once completed, the project is expected to create 13,000 jobs.
The Kambonwule oil palm complex, a USD250 million investment, is projected to produce 228,000 tonnes of crude palm oil annually at maturity, for both local consumption and export, creating 120,000 jobs in the process.
The Secretariat further noted that the bioenergy programme at Buipe and Damanko was targeting 30,000 jobs and could save the country about USD450 million a year in foreign exchange, in addition to generating export earnings.
It said it was also finalising an incentive package for the private sector, in collaboration with the Ministry of Finance, to make the programme commercially attractive while remaining sustainable for public finances.
All projects under the programme, it explained, were being funded by private investors in line with Section 18 of the 24-Hour Economy Authority Act.
“Public funds pay for project preparation and viability gap funding where projects need it to become bankable, and provide seed funding for the Secretariat’s coordination work, with the understanding that the 24-Hour Economy Authority becomes self-financing after its first few years,” the statement said.
It added: “In the months ahead, the evidence of the 24-Hour Economy programme in motion will be available for the public to verify through their own experiences. The Secretariat welcomes scrutiny and will keep answering it with facts and evidence.”
BY BENJAMIN ARCTON-TETTEY
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