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West Africa

GHANA: GUTA Backs Government’s 24-Hour Economy Initiative with Strategic Shift to Local Manufacturing

May 10, 2025

(3 Minutes Read)

The Ghana Union of Traders’ Association (GUTA) has officially declared its commitment to transitioning from a predominantly import-based trade model to a focus on local manufacturing, in alignment with the Government of Ghana’s newly launched 24-hour economy initiative. This policy shift is a major strategic move aimed at strengthening Ghana’s economic resilience and promoting sustainable development.

Addressing the media, GUTA President Dr. Joseph Obeng underscored the union’s strong support for the 24-hour economy vision recently unveiled by former President John Dramani Mahama. Dr. Obeng highlighted that the initiative presents a timely opportunity for Ghanaian businesses to maximize productivity, create sustainable employment, and drive demand for locally produced goods and services. He stressed that this transformation would not only reduce the country’s dependence on imports but also reinforce national efforts toward industrialization and economic self-sufficiency.

Dr. Obeng further appealed to the government to implement strategic reforms to support this transition, particularly in the areas of taxation and utility costs. He called for a review of the Value Added Tax (VAT) regime and utility pricing structures, noting that high operational costs could undermine the competitiveness of local enterprises.

“To make the 24-hour economy viable and inclusive, government policies must empower businesses with competitive potential. Affordable electricity, fair tax policies, and access to credit are non-negotiable pillars for success,” he added.

The 24-hour economy initiative, officially launched by President Mahama, is designed to stimulate continuous economic activity through institutional reforms, public-private partnerships, and extended operational hours in key sectors. The program aims to generate employment, increase national productivity, and foster inclusive growth by ensuring that economic activity is sustained around the clock.