Mr. Julius Debrah, the Chief of Staff, has called for Chinese manufacturers to benefit from Ghana’s 24-hour economy plan, pointing out that it is a significant inducement for successful investment.
Mr. Debrah explained the project as a three-shift scheme intended to increase production while speaking at the opening of a Ghana-China business meeting in Accra.
“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.
The summit brought together Chinese and Ghanaian businessmen and investors under the topic “Synergizing Opportunities: Strengthening the Ghana-China Relationship and Fostering a 24-Hour Economy.”
Mr. Debrah emphasized Ghana’s willingness to accept and promote investment while promising government assistance to Chinese companies.
He cited Ghana’s position as host of the African Continental Free Trade Area (AfCFTA) Secretariat, close proximity to Europe, robust airline connectivity, and two major ports as key strategic advantages. “When you invest in Ghana, you have the opportunity to export into the other West African countries—Burkina Faso, Mali, Niger, and Guinea,” he said.
A Time of Use (TOU) electricity rate system with smart meters, tax incentives, and more affordable, dependable power during off-peak hours are all advantages for Chinese enterprises that embrace the 24-hour economic model, he continued.
Mr. Debrah pointed out several important industries that were ready for investment, such as petrochemicals, housing, electric cars, tourism, and agriculture.
Given the current trade deficit, he urged Ghana and China to work together more closely.
We currently have more than 100 manufacturing companies that are either privately held or owned by the Chinese State government. That indicates that, in the end, Ghana is not a horrible place to conduct business.
Ghana exported US$1.8 billion worth of goods to China in 2023, while China exported US$3.7 billion worth of goods to Ghana.
Despite this disparity, Mr. Debrah was upbeat about the future, noting that over 560 Chinese companies had shown interest in doing business in Ghana.
Through the use of Chinese resources and expertise, the week-long summit seeks to expand tactics and produce ideas for attracting foreign direct investment (FDI), strengthening Ghana’s manufacturing base, and lowering reliance on imports.
Source: newsthemegh.com