The President of Wisconsin International University College, Dr Lawrence Kanae, has called for decisive private sector leadership, financial innovation, and coherent policy coordination to drive Ghana’s proposed 24-hour economy.
Speaking at the university’s Business Week Celebration in Accra on Thursday, under the theme “Building Ghana’s 24-hour Economy: Challenges and Opportunities”, Dr Kanae warned that political interference and weak institutional alignment could undermine the initiative.
“The success of a 24-hour economy depends less on government rhetoric and more on how effectively private capital, institutions, and policies are aligned and executed,” he said.
Dr Kanae said Ghana possesses substantial untapped human and financial resources that could transform the economy if properly harnessed but stressed that government alone could not deliver the structural reforms required.
“We have to mobilise private money efficiently and effectively to drive our economy,” he said, adding that nation-building efforts must be insulated from partisan politics.
He advocated the creation of trusted financial instruments, including strengthened mobile money platforms, to channel informal savings into productive investment.
“The money is on the streets. Our duty is to understand these wells of wealth, tap into them, and create instruments to use them,” Dr Kanae said.
He also urged students to demonstrate creativity and discipline in managing resources, emphasising that national development depends on imaginative and self-driven citizens.
The Dean of the Wisconsin School of Business, Dr Bright Gabriel Mawudor, highlighted the need for structured enterprise support systems to help small and medium-sized enterprises (SMEs) access finance without traditional collateral.
He proposed the establishment of enterprise support organisations to provide funding through credit guarantees backed by insurance schemes. Patient capital, with longer repayment terms, would allow start-ups to build equity sustainably, he said.
Dr Mawudor indicated that a proposed financing framework could mobilise up to US$1.2 billion from donor funds, joint financial institutions, pension allocations, venture capital, and private equity.
“More than 400 enterprises have expressed interest in related initiatives, with tens of thousands of jobs projected if industrial and agricultural parks are developed,” he added.
The Chief Executive Officer of Dalex Finance, Mr Joe Jackson, criticised logistical bottlenecks, high transport costs, and infrastructure deficits, and called for reforms to unlock domestic pension funds for long-term development instead of relying heavily on external borrowing.
He also raised concerns about high energy costs, inefficiencies in power distribution, and the need for sustainable green energy to support round-the-clock industrial activity.
Mr Jackson stressed that while the 24-hour economy offers a pathway to industrialisation and job creation, its success would depend on institutional coordination, sustained private sector participation, and policy continuity across successive administrations.
BY HILDA NSAMI
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