The Chief Executive Officer of the Ghana National Chamber of Commerce and Industry (GNCCI), Mark Badu-Aboagye, has cautioned that high borrowing costs and the lack of a clear implementation strategy could undermine the government’s flagship 24-Hour Economy policy.

Speaking on JoyNews’ PM Express Business Edition on Thursday, July 30, 2026, he said while the policy has the potential to transform Ghana’s economy, businesses cannot drive industrialisation without an enabling environment.

He noted that although lending rates have started to decline, they remain too high for manufacturers and investors looking to establish factories.

“We’ve seen interest rates coming down, but for somebody who wants to go into industrialisation, 16.5% interest is still on the higher side. The policy rate of 14% is also high. We need to create that environment for the private sector,” he said.

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According to him, expecting businesses to borrow at commercial rates to finance industrial projects is unrealistic.

“If you want them to say private sector, just as we’ve done for the previous development policies, the 1D1F, and we think that people will just get our private sector and just go and borrow at 35 percent and go and set up a factory that will not make any profit for them. They won’t do that,” he said.

He also criticised the 2026 Mid-Year Budget Review for failing to provide a clear roadmap for implementing the 24-Hour Economy policy, describing the omission as disappointing.

“So I’m expecting that every budget, be it a Mid-year or a major budget, should be aligned to the 24-Hour Economy, and there should be strong policy statements on the 24-Hour Economy. I didn’t see or hear much about that,” he stated.

While commending the work of the 24-Hour Economy Secretariat, he stressed that the biggest challenge is not policy design but implementation.

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He also argued that allocating GH¢101 million to run the Secretariat alone does not demonstrate progress, insisting that businesses want to see practical measures that support industrialisation.

He maintained that industrialisation is the foundation of the 24-Hour Economy, arguing that the government’s goals of boosting exports and creating jobs cannot be achieved without first building a strong industrial base.

DR/MA