By Issah Olegor
The Mahama administration has allocated GH¢165 million to the 24-Hour Economy Secretariat in the 2027 Budget, while failing to indicate a specific fresh allocation for the proposed Women’s Development Bank, raising questions about the government’s funding priorities and the implementation of two major policy commitments associated with its economic transformation agenda.
Finance Minister Dr Cassiel Ato Forson announced the allocation to the 24-Hour Economy Secretariat when he presented the 2027 Budget Statement and Economic Policy to Parliament on Thursday, November 12, 2026. The allocation comes as the government seeks to advance its flagship 24-Hour Economy programme, which was heavily promoted during the NDC’s 2024 election campaign as a major solution to unemployment, low productivity and Ghana’s dependence on imported goods.
The GH¢165 million is specifically earmarked for the Secretariat responsible for coordinating the programme. However, the allocation should be distinguished from the much larger investment commitments associated with the wider New Economy agenda, which the government intends to use to expand agriculture, manufacturing, infrastructure, energy and industrial production.
The budget also places the New Economy programme at the centre of the administration’s next phase of economic transformation, with GH¢30 billion, representing 1.5 per cent of GDP, identified for the programme in 2027. The broader investment framework is expected to run from 2027 to 2030, with the government outlining a GH¢10 billion commitment over the four-year period.
The 24-Hour Economy was one of President John Dramani Mahama’s most prominent campaign promises ahead of the 2024 general election. The policy was presented as a strategy to transform Ghana into a production-driven economy by encouraging businesses and public institutions to operate around the clock through three eight-hour shifts.
Under the proposed model, businesses were expected to operate three shifts, creating employment opportunities for workers while increasing production capacity. The NDC projected that the programme would create approximately 1.7 million jobs by the end of 2028 and attract an estimated US$4 billion in investment over four years.
The policy was also designed to strengthen agriculture, manufacturing, logistics, transportation, healthcare and other productive sectors. Its broader objective was to ensure that Ghanaian businesses could increase output, reduce production costs, improve exports and compete more effectively in international markets.
After assuming office in January 2025, President Mahama’s government moved to establish an institutional framework for the programme. The administration subsequently launched the 24-Hour Economy and Accelerated Export Development Programme, popularly known as 24H+, in July 2025.
The programme was later backed by the 24-Hour Economy Authority Act, following presidential assent in February 2026. The Authority was expected to coordinate implementation, align the activities of government institutions and facilitate partnerships with private-sector operators.
The 2027 allocation of GH¢165 million to the Secretariat therefore represents continued government funding for the institutional coordination of the initiative. However, questions remain about the extent of direct investment reaching businesses, the number of operational projects and the progress towards the original employment target.
The Minority Caucus has previously questioned the funding arrangements and implementation of the programme. It cited an allocation of GH¢110 million in the 2026 Budget Speech, although a separate expenditure table reportedly showed GH¢90 million. The opposition has also demanded accountability over the estimated US$5.5 billion in project agreements announced in July 2026, which were projected to generate about 160,000 jobs.
The distinction between signed investment agreements, actual funds disbursed and projects that have commenced operations remains important in assessing the programme’s performance. The government will be expected to provide clear information on the projects being implemented, the private-sector investments secured and the jobs created so far.
While the 24-Hour Economy receives a specific allocation in the latest budget, the proposed Women’s Development Bank presents a different funding question.
The Women’s Development Bank was introduced as a major NDC commitment intended to improve women’s access to affordable financing, particularly for women-owned businesses, traders, market operators, farmers, artisans and small-scale entrepreneurs who struggle to obtain loans from conventional financial institutions.
The proposed institution was expected to address the financing gap affecting women-led enterprises by providing accessible credit, supporting business expansion and improving the financial inclusion of women across the country.
During the 2024 election campaign, the NDC presented the bank as part of its broader economic empowerment agenda, arguing that women needed dedicated financial support to expand their businesses, create employment and contribute more effectively to national development.
Following the party’s return to power, steps were taken towards establishing the institution. In the 2025 Budget, GH¢51.3 million was reportedly allocated towards the Women’s Development Bank initiative.
Further developments emerged in July 2026, when GH¢400 million was reportedly deposited at the Bank of Ghana as capital for the proposed institution. The bank was incorporated in January 2026, but was still awaiting the necessary banking licence before commencing full banking operations.
The proposed institution has therefore remained a subject of public interest, particularly among women entrepreneurs who are expecting access to affordable loans and other financial services.
However, the 2027 Budget Statement, as reflected in the available provisions, does not identify a specific fresh allocation to the Women’s Development Bank or provide a detailed implementation timetable for its commencement of operations.
The absence of a clearly stated new allocation does not necessarily mean the government has abandoned the project, especially given the earlier reported GH¢400 million capital deposit. It does, however, raise questions about the next stage of the institution’s development, including the licensing process, operational funding, governance arrangements and the date on which prospective beneficiaries can begin accessing loans.
