The Bank of Ghana (BoG) has pledged full support for the government’s 24-hour economy flagship, describing it as a transformative initiative capable of boosting investment, job creation, and household incomes.
Speaking at a forum on the financing of the 24 hour policy on Thursday, 18th September, Director of the Banking Supervision Department at BoG, Ishmail Adam, underscored that the success of the policy hinges on a strong and resilient financial sector. According to him, the BoG will leverage its monetary policy tools to stabilize prices, reduce inflation, and ultimately lower interest rates to expand access to credit for businesses.
“With stable prices and reduced inflation, the central bank can adjust interest rates downwards to enhance access to credit from financial institutions. With improved access to credit, businesses can expand their operations, ultimately promoting the 24-hour policy,” Ismail said.
In addition, he stressed BoG’s role in safeguarding the banking sector through strict supervision and enforcement of prudential regulations to maintain investor and public confidence. It highlighted reforms to Ghana’s payment systems — including ATMs, mobile money, and online banking platforms — as essential for round-the-clock business activity.
On his part, presidential advisor on the 24-hour economy policy, Goosie Tanoh, urged the banking sector to tackle long-standing challenges that hold back entrepreneurs in Ghana. He pointed to high lending rates, tough collateral demands, and strict regulations as key barriers that need to be addressed for businesses to grow.
“Finance is the centre. All these programs, remain on the shelf without being oiled by finance. We must move forward together with the banking community aligned in a way that presents real growth of the productive sector,” he said, urging banks and regulators to seize what he called a “unique historical opportunity” to transform the economy through concerted action.
Also speaking at the forum, the Chief Executive of the Ghana Association of Banks, John Awuah pledged the full commitment of the banking industry to supporting the 24-hour economy initiative.
He noted that all member banks, together with institutions are ready to provide the needed financial backing.
“As a community of banks, we stand ready to help. Every single bank is represented here. With partners like DBG, Exim, and GIRSAL providing guarantees and other instruments to reduce risks, banks will be better positioned to participate fully in financing the 24-hour economy,” he said.
This high-level engagement which featured Managing Directors of banks, non-bank financial institutions, Ghana Infrastructure Investment Fund (GIIF), the Ghana Association of Banks, and GIRSAL was themed: “Financing Ghana’s 24-Hour Future: The Role of Banks in the Transformational Journey.”
