Young Ghanaians aged 18 to 35 can now access start-up business loans ranging from GH₵5,000 to GH₵500,000 through the government’s new 24-Hour Economy and Accelerated Export Development Programme (24H+). Launched recently across Ghana, the initiative also provides free digital skills training and guaranteed internships to foster youth entrepreneurship and economic growth.
Context: The 24-Hour Economy Initiative
The 24H+ program is an expansion of the government’s vision for a 24-hour economy, aimed at boosting productivity and economic activity by extending business operations beyond traditional working hours. This initiative seeks to address key bottlenecks hindering growth in critical sectors such as agriculture, fisheries, manufacturing, and the creative industries.
President John Dramani Mahama has championed the program, describing it as a “holistic, integrated multisectoral programme.” The goal is to empower producers and entrepreneurs by tackling systemic challenges that impede their success.
Expanding Opportunities for Youth
The Expression of Interest portal, available at 24hplus.gov.gh, is the central hub for registration. Young people are invited to apply for a variety of opportunities, including those in agro-ecological parks, pharmaceutical innovation, textile manufacturing, air cargo logistics, and creative industry academies. The program specifically targets youth with a comprehensive package.
This package includes free digital skills training delivered at Technical and Vocational Education and Training (TVET) centres nationwide. Furthermore, participants will receive guaranteed internships with companies partnered with the 24H+ program. The financial support component offers start-up business loans, with amounts varying from GH₵5,000 for smaller ventures to GH₵500,000 for more substantial enterprises.
Financial and Tax Incentives
Concessionary financing options are available through established financial institutions like the Development Bank Ghana and the Venture Capital Trust Fund, which provides equity funding. Priority is given to cooperatives and trade associations, encouraging collaborative business models.
Beyond direct funding and training, participating businesses, especially those led by young entrepreneurs, will benefit from significant tax incentives. These include substantial reductions in Corporate Income Tax for businesses operating two-shift and three-shift models. There will also be priority access to essential utilities like electricity and water.
Further incentives include import tax exemptions on necessary machinery and raw materials not readily available within Ghana. Value Added Tax (VAT) relief is offered to firms in key sectors, alongside export performance rebates to encourage international trade. Young entrepreneurs in manufacturing, ICT, agro-processing, and tourism can also receive geographic tax relief, potentially enjoying tax-free periods in their initial years of operation.
Diverse Registration Opportunities
The 24H+ program encompasses a wide array of specific registration opportunities. These include becoming a “24/7 Ready! Business,” joining as an “Anchor Farmer” in an Agbledu Agro‑Ecological Park, or establishing an agro-processing facility. Opportunities also extend to logistics, with roles such as becoming a transporter on the Volta Lake.
Other areas for engagement include registering interest in the Wumbei Industrial Park, participating in the development of the Tamale Air Cargo Hub, joining the Akosombo Textiles and Garments Park, contributing to the Legon Pharmaceutical Innovation Park, and enrolling in the National Creators’ Academy. The program is designed to be inclusive, with the 24H+ Secretariat indicating that more opportunities will be added in subsequent phases.
How to Apply
Interested individuals and businesses are directed to visit the official portal at www.24hplus.gov.gh. Once on the website, users should navigate to the “Contact Us” menu and select the “Expression of Interest Form” option to register their interest in the available programs and opportunities.
Future Outlook
The launch of the 24H+ initiative signals a significant government commitment to empowering young Ghanaians and stimulating broader economic activity. The combination of accessible financing, skills development, and substantial tax incentives is designed to create a fertile ground for start-ups and established businesses alike. As the program rolls out further phases and more opportunities become available, its impact on youth employment and the overall Ghanaian economy will be a key area to monitor. The success of this program could serve as a model for other developing economies seeking to unlock the potential of their youth populations and drive economic diversification.
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