24-hour economy will rely on strong financial sector

The Bank of Ghana (BoG) has underscored the crucial role of the financial sector in the successful implementation of Ghana’s proposed 24-hour economy.

The policy, which seeks to expand business operations beyond regular working hours to boost productivity, create jobs, and attract investment, hinges on a safe and efficient financial system capable of providing uninterrupted access to funds.

Speaking at the 24Hr+ Economy Roundtable with the banking sector, the Director of the Banking Supervision Department, Mr. Ismail Adam, said seamless payment systems are essential to keep businesses running under the new policy.

“A safe and efficient payment system is essential to support the day-to-day business of an economy. The use of ATMs and online platforms reduces transaction costs and enhances liquidity management. This is key to the successful implementation of the 24-hour policy, as industry players should be able to access funds easily and around the clock without any hindrance,” Mr. Adam stated.

He also emphasized the need for long-term financing to support critical sectors such as agriculture, oil and gas, and manufacturing. He highlighted the role of the Development Bank of Ghana (DBG) and the Development Finance Institutions Act, which provides governance structures and capital requirements to safeguard the financial system.

“The Development Bank of Ghana is one of the key financial institutions needed in the successful implementation of the 24-hour policy. The law governing development finance institutions sets out capital requirements and governance structures to safeguard the system,” he added.

In addition, the BoG announced that guarantees from the Ghana Incentive-Based Risk Sharing System for Agricultural Lending (GIRSAL) will now be accepted as collateral for agribusiness loans—a move expected to reduce risks for banks and expand credit to the sector.

Mr. Adam concluded that financial stability, affordable credit, and robust regulation will create the right environment for the 24-hour economy to thrive, driving investment, job creation, and sustainable growth.

By: Bawa Musah

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