Presidential Advisor for 24-Hour Economy and Accelerated Export Development, Augustus Goosie Tanoh, has outlined key legislative reforms necessary to support Ghana’s transition to a 24-hour economy.
The government, he said, is actively working with legal experts to identify and amend various legislations that hinder economic expansion and industrial transformation.
Removing legal barriers to 24-Hour Economy
Addressing Parliament during a post-budget workshop on Sunday, March 16, Goosie Tanoh revealed that the government has engaged a team of lawyers, many offering their services on a pro bono basis, to scrutinize existing laws and remove disincentives to a 24-hour economy.
“We are going through the entire legislative framework to identify and eliminate obstacles while also strengthening laws that will drive the transformation we envision,” he stated.
Among the legislative instruments being reviewed are the Ghana Investment Promotion Centre (GIPC) Act, the Public Procurement Act (PPA), and local government bylaws.
The amendments will focus on rationalizing local content rules and ensuring that Ghanaian businesses benefit from government procurement policies.
‘Go Ghana’ Initiative to boost local industries
A critical component of the 24-hour economy strategy is the Go Ghana Program, which seeks to mobilize Ghanaians to prioritize locally made goods and services.
Mr. Tanoh explained the need to institutionalize this through amendments to the PPA Act, ensuring that local manufacturers and content producers receive guaranteed government support.
“This is how we grow our industries—learning from the Asian Tigers, who prioritized their local products and are now global economic powerhouses.”
Ghana, he said, must confront its economic reality and adopt policies that enhance local production, drawing comparisons with countries like Malaysia, Singapore, and South Korea.
National Employment Trust to address unemployment
The government also plans to establish a National Employment Trust by merging the Ghana Enterprises Agency (GEA) and the National Entrepreneurship and Innovation Programme (NEIP).
This, according to Mr. Tanoh, will provide a structured approach to job creation, entrepreneurship, and value addition.
He observed that today, 2.1 million Ghanaians are unemployed, while 8.2 million are in vulnerable jobs. “We must rationalize employment creation efforts so that jobs are sustainable, meeting International Labour Organization (ILO) standards,” he said.
Revamping cooperatives to strengthen agriculture
Mr. Tanoh explained the importance of cooperative societies in boosting agricultural production and cited successful models in Kenya and Tanzania, where organized farmer cooperatives have significantly increased productivity.
According to him, the government is looking at comprehensive amendments to the Cooperative Societies Act, drawing lessons from successful African models to improve yields and farmer outcomes.”
Free zone and labour laws
He disclosed that the Free Zone Act is also under review to develop local value chains and special economic zones that will benefit Ghana’s manufacturing sector. Additionally, the government is assessing the Labour Act, with particular attention to minimum wage structures.
“We must ensure fair wages and improve the working conditions of Ghanaians, aligning with global best practices,” Mr. Tanoh stated.
Tax reforms
Mr. Tanoh acknowledged the concerns of the business community, which has long decried unfriendly tax policies, stating that the government is reviewing tax laws, including the GRA Act and the IRS tax code, to eliminate unfair tax burdens on production and value creation.
He indicated that some of Ghana’s tax policies discourage investment and expansion. He assured the government is working to make the tax regime more business-friendly while ensuring government revenue remains sustainable.
Energy reforms to reduce production costs
Mr. Tanoh emphasized the need to fast-track Ghana’s transition to renewable energy, acknowledging that high electricity costs remain a major challenge for manufacturers,
According to him, the 24-Hour Economy is pushing for government incentives to support captive solar power plants that provide cheaper energy to industries.
He stressed that as the government moves toward implementing the 24-hour economy, Parliament will play a key role in enacting legislative reforms that will drive economic growth, job creation, and industrial transformation.
By Osumanu Al-Hassan/thenewsbulletin24.com