Audio By Carbonatix
Ghana’s ambitious 24-hour economy policy, estimated at $4 billion, faces a severe funding crisis, with only 11.2% ($448 million) of the required amount currently secured through government allocation ($300 million) and the District Assemblies Common Fund ($148 million).
The remaining 88.8% ($3.552 billion) hinges on uncertain public-private partnerships (PPPs), a risky gamble given Ghana’s mixed track record with such ventures and private sector reluctance due to high operational costs.
Ghana's SkyTrain Project, a proposed $2.6 billion automated urban rail system in Accra, has stalled indefinitely after being launched with much fanfare under a Public-Private Partnership (PPP) model. Even the confirmed funding falls short, as the government’s meager 7% contribution pales in comparison to major infrastructure projects, while diverting DACF funds risks starving other critical local development initiatives.
Worse, hidden costs, including an additional $1 billion for energy, security, and labor incentives, could push the true cost to $5 billion, leaving the current commitments covering a mere 9%. Without a substantial increase in direct government funding, international support, and targeted incentives, the policy risks joining the list of underfunded, unimplemented promises, leaving Ghana’s 24-hour economy dream stranded in financial uncertainty.
Latest Stories
-
Newsfile to tackle Akosombo fire and BoG’s GH¢15.6bn loss
8 minutes -
Kasoa maternal death: GHS assures family of thorough investigation, rules out shoddy work
20 minutes -
War criminal Mladic close to death, say lawyers asking judge for jail release
54 minutes -
BoG’s performance should be judged by mandate, not balance sheet – Cudjoe Kuagbedzi
1 hour -
Dorcas Affo-Toffey leads delegation to China on transport modernisation drive
1 hour -
May Day: Lands and Mines Watch Ghana demands safer conditions, fair wages for workers
1 hour -
Brazil’s Congress approves plan to drastically cut Bolsonaro’s jail term
2 hours -
8 NPP members seek court injunction to halt Tarkwa-Nsuaem polling station elections amid deepening internal dispute
2 hours -
Israeli police arrest man after nun attacked in Jerusalem
2 hours -
Central banks, like governments, pay the price to stabilise the economy
2 hours -
BoG losses amount to wealth transfer to banks – Gideon Boako
2 hours -
The Real Greek restaurant chain on brink of collapse
2 hours -
Injuries denied me my full potential – Former Ghana defender Daniel Opare
2 hours -
Kpandai: Man lynched following witchcraft accusation
2 hours -
Prince Adu-Owusu: The love that never had a chance
2 hours