24-hour economy to boost steel production, exports – Mahama

President John Dramani Mahama has said the newly enacted 24-Hour Economy policy will significantly boost steel production, lower manufacturing costs and expand Ghana’s export capacity.

Speaking at the commissioning of the Phase Two expansion of the B5 Plus steel manufacturing facility at Ningo-Prampram, the President described the initiative as a game-changer for energy-intensive industries such as steel manufacturing.

“The 24-hour economy programme is particularly relevant to energy-intensive industries such as steel manufacturing,” President Mahama stated. “Steel production benefits from continuous operation to reduce energy wastage, improve furnace efficiency, lower unit production cost and maximize asset utilization.”

Bill Signed Into Law

President Mahama revealed that he had signed the 24-Hour Economy Authority Bill into law, providing the legal framework to operationalise the policy. He indicated that B5 Plus Group is among the first companies expected to register under the initiative.

“I had the honour and privilege yesterday to sign the 24-Hour Economy Authority Bill into law, and I know that B5 Plus Group will be one of the first companies to register under the 24-hour economy initiative,” he announced.

The 2026 Budget has allocated GH¢110 million to support the rollout of the programme, reflecting government’s commitment to expanding round-the-clock production in key sectors.

Driving Productivity and Exports

According to the President, shifting from single-shift operations to three shifts will significantly raise output and competitiveness.

“When factories run three shifts instead of one, employment rises, productivity increases and exports expand,” he said.

He explained that continuous operations are critical in steel production, where intermittent shutdowns can increase energy wastage and reduce furnace efficiency.

“With dedicated industrial tariff reforms, improved grid stability and expanding domestic gas supply, manufacturing can operate competitively beyond traditional hours,” he added.

Supporting Industrial Transformation

President Mahama linked the 24-hour economy to Ghana’s broader industrial transformation strategy, which seeks to reduce reliance on imports and promote value-added production.

“We are moving up the value chain. We are exporting finished and semi-finished products, not raw scrap,” he emphasized.

He noted that Ghana’s annual steel demand exceeds 1.2 million metric tonnes, much of which has historically been met through imports. Strengthening domestic production capacity, he said, will help save foreign exchange and improve the country’s trade balance.

“The expansion of domestic steel production strengthens our capacity to substitute imports and stabilize supply chains. This is what industrial sovereignty is about,” the President stressed.

Regional Competitive Edge

With Ghana hosting the Secretariat of the African Continental Free Trade Area (AfCFTA), President Mahama said the 24-hour production model will position local manufacturers to serve regional markets more effectively.

“Instead of importing steel from Asia or Europe, West Africa can source competitively from Ghana’s manufacturers,” he said.

He concluded that industrialization requires strategic policy support, macroeconomic stability and private sector confidence.

“The 24-hour economy is not just about longer working hours; it is about higher productivity, better efficiency and stronger export performance,” President Mahama stated.