Banks back 24-Hour Economy with affordable financing commitment

The Ghana Association of Bankers has pledged its commitment to provide the necessary funding support for businesses under the government’s flagship 24-Hour Economy policy.

Speaking to journalists at the sidelines of a roundtable meeting organised by the 24-Hour Economy Secretariat with the Banking sector stakeholders, Chief Executive Officer of the Association, John Awuah, described the policy as a “groundbreaking initiative,” stressing that the banking community is particularly excited because its implementation is private sector-led.

“From all indications, this is going to be largely a private sector programme, which excites us as a community of banks. When the private sector is at the forefront, we are better able to evaluate, prosecute, and measure its outcomes. The probability of success is much higher when delivery is driven by private players. To that extent, the banking sector stands ready to help,” Mr. Awuah said.

According to him, the banks—together with partners such as Development Bank Ghana, Ghana Exim Bank, and GIRSAL—are prepared to play their role as financiers while relying on these institutions as “risk mitigants” by providing guarantees and other instruments that will enable commercial banks to fully participate.

Mr. Awuah further disclosed that banks will carefully assess and evaluate the framework of the 24-Hour Economy policy to provide affordable long-term financing solutions to businesses.

“The success of this programme is the success of the country, and by extension, the success of the banking sector. We are keen to be the oil that fuels this policy. Of course, it takes two to tango—we need the private sector to come on board. Government is providing the framework, but implementation will be private sector-led. That gives us the space to deploy our capital, liquidity, and mobilise private capital to make the programme successful,” he emphasised.

He also commended the Secretariat’s efforts to secure funding for commercial banks for on-lending to businesses, describing it as a critical step toward ensuring success.

Meanwhile, the 24-Hour Economy Secretariat revealed that about 140 companies have already expressed readiness to expand within the 24-hour economy ecosystem. This, the Secretariat explained, will help banks design tailored financing products, similar to what was done under the defunct One District, One Factory policy.