The African Development Bank (AfDB) has announced plans to release funding to support key aspects of Ghana’s economic policy, including the much-discussed 24-hour economy initiative.
Speaking at a press conference, Solomon Quaynor, Vice President of the Bank in charge of Infrastructure and Industries, said the bank had identified strategic focus areas that could significantly impact the implementation of Ghana’s economic policy.
“We have conducted thorough assessments and working sessions with various stakeholders and have identified concrete areas where the bank can provide meaningful support,” Solomon Quaynor noted.
He highlighted the 24-hour economy initiative as one of the standout concepts that has drawn the bank’s attention, emphasizing that “The 24-hour economy initiative looks promising and has tremendous potential to transform Ghana’s economy.
This is a highly visionary concept that has captured our attention and also our enthusiasm,” he said.
According to him, the AfDB has held a series of intensive working sessions with the 24-Hour Economy Secretariat, the Ghana Infrastructure Investment Fund, and other key partners to explore viable ways to drive the initiative forward.
Though specific funding details were not disclosed, the bank’s assurance of financial support is expected to strengthen efforts to implement policies that promote economic resilience and job creation, particularly through round-the-clock economic activities.
The 24-hour economy, championed by Ghana’s government, seeks to expand productivity by encouraging businesses and public services to operate beyond traditional working hours, thereby boosting employment and economic growth.
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