By Lord Fiifi Quayle 

The Government of Ghana took a significant step toward realizing its flagship economic policy, signing a formal agreement with the Arab Bank for Economic Development in Africa (BADEA) to finance and support its 24-Hour Economy & Accelerated Export Development Programme (24H+).

The Memorandum of Understanding (MoU), signed at a ceremony at the Bank of Ghana in Accra, establishes a framework for collaboration aimed at mobilizing investment to modernize key sectors of the Ghanaian economy. The partnership is designed to enhance competitiveness, expand exports, and create jobs, with a focus on supporting small businesses, agriculture, and critical infrastructure.

In his remarks, Presidential Advisor on the 24H+ Programme, Mr. Goosie Tanoh, emphasized the direct impact the partnership is expected to have on the ground. “This MoU opens new doors for the Ghanaian entrepreneur who wants to expand production, the farmer looking to grow her shop, and the young innovator with an idea that can change our country,” he said.

The President of BADEA, H.E. Abdullah Almusaibeeh, who led the bank’s delegation, commended Ghana’s vision for inclusive growth. “With this memorandum of understanding, we are laying the foundation for a new and promising chapter in Arab-African cooperation,” he stated.

He outlined a multi-faceted support package from BADEA that will include:

*   Technical assistance to strengthen Ghana’s capacity for programme implementation.

*   A trade finance facility to support the country’s food security strategy and promote balanced trade.

*   Affordable financing for small and medium-sized enterprises (SMEs) to enable expansion and job creation.

*   Support for Public-Private Partnerships (PPPs) to accelerate investment in the infrastructure necessary for a round-the-clock economy.

The 24-Hour Economy policy is a central plank of the administration’s economic transformation agenda. It aims to incentivize and support businesses to operate across multiple shifts, thereby maximizing the use of national infrastructure, creating more employment opportunities, and boosting overall economic output.

The Second Deputy Governor of the Bank of Ghana, Mrs. Matilda Asante-Asiedu, welcomed the partnership and underscored the central bank’s role in ensuring its success. “This signing is more than symbolic; it demonstrates our shared commitment to Africa’s structural transformation,” she said. “The Bank of Ghana will continue to ensure a stable financial environment that supports this initiative.”

The agreement with BADEA, a financial institution owned by Arab member states of the Organization of Arab Petroleum Exporting Countries (OAPEC), represents a critical move by Ghana to secure strategic international partnerships and funding to accelerate its domestic economic ambitions.

About BADEA:

The Arab Bank for Economic Development in Africa (BADEA) is a financial institution owned by Arab member states of the Organization of Arab Petroleum Exporting Countries (OAPEC). Its mandate is to contribute to Africa’s economic development and strengthen economic cooperation between Arab and African nations.