SONA 2026: "24-hour economy authority bill has set stage for bold transformation" - Prez. Mahama

President John Dramani Mahama has described the newly established 24-Hour Economy Authority as the boldest economic transformation initiative in Ghana’s recent history, following its passage by Parliament on February 6, 2026, and his subsequent assent into law.

Delivering the 2026 State of the Nation Address in Parliament on Friday, the President said the flagship 24-hour economy and Retail Export Development Programme, launched in 2025, is designed to unlock round-the-clock economic activity, deepen value chains, boost productivity, drive export growth, and create quality jobs across agriculture, manufacturing, logistics, and services.

He noted that an allocation of GH¢110 million in this year’s budget will support the operationalization of the Authority.

The initiative will be implemented in partnership with the Development Bank Ghana and the Ghana Infrastructure Investment Fund, aimed at attracting investment and expanding business operations beyond traditional working hours.

President Mahama stressed that the policy is intended to restore hope and build prosperity, particularly for young people, while ensuring Ghana avoids a return to past economic instability caused by fiscal indiscipline and excessive borrowing.

On the cocoa sector, he acknowledged the recent revision of the producer price, describing it as a painful but necessary decision to address liquidity challenges and prevent the accumulation of further debt.

He assured farmers that ongoing reforms would guarantee fair and transparent pricing while transforming the sector sustainably.

The President also announced upcoming legislation to ban sole-source procurement except in exceptional cases and to require prior parliamentary approval before the sale or lease of state assets.

Additionally, he disclosed that the Value for Money Office Bill has been laid before Parliament to curb waste, inflated contracts, abandoned projects, and chronic cost overruns.

Turning to the energy sector, President Mahama revealed that his administration inherited an industry burdened with GH¢80 billion in debt and severe liquidity challenges.

He announced that government has fully repaid and restored the $500 million World Bank Partial Risk Guarantee, originally secured during his first term, thereby reaffirming Ghana’s credibility.

He further disclosed that all outstanding gas invoices owed to Eni and Vitol under the Sankofa partnership have been settled, and government is now current on its gas payment obligations.

Constructive engagements have also been held with Tullow Oil and Jubilee Field partners to ensure reliable gas supply for sustained electricity generation and industrial growth.

President Mahama concluded that these coordinated reforms across finance, cocoa, procurement, and energy are aimed at strengthening macroeconomic stability, restoring investor confidence, and accelerating Ghana’s long-term transformation.

Story by: Joshua Kwabena Smith