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
-
Meta, US states have discussed settling teen social media harm case, Bloomberg News reports
26 minutes -
Instagram head Mosseri, at children’s addiction trial, says few teenagers knew of safety feature
1 hour -
We gave them our mandate, not our purse – Inusah Fuseini demands accountability from MPs
3 hours -
We should take these concerns from Afenyo-Markin and others seriously – Inusah Fuseini
3 hours -
We are in trouble – Inusah Fuseini warns MPs are trading away public trust
4 hours -
They’re standing for themselves, not us – Inusah Fuseini warns MPs over self-interest
4 hours -
Oranges, sardines and eggs could help protect people exposed to air pollution, Ghana study finds
4 hours -
Canada announces ‘dollar-for-dollar’ retaliatory tariffs on US as high as 50%
4 hours -
Fisherman jailed three months for causing harm at Teshie
4 hours -
Journalists cautioned against exposing cyber vulnerabilities
5 hours -
Firms scramble for battery power in Spain and Portugal
5 hours -
California cancels talks with Paramount over Warner Bros deal
5 hours -
AI-generated music barred from Australian charts after Madonna cover controversy
5 hours -
Private security firms acting as political militias risk licence revocation, prosecution – National Security Coordinator
5 hours -
Musk’s SpaceX to build $100bn launch facility in Louisiana
5 hours