The Volta Economic Corridor must evolve into a living artery for productivity, logistics, and trade to anchor Ghana’s 24 hour economy vision, Bank of Ghana Governor Dr. Johnson Pandit Asiama has declared.
Speaking virtually at the Volta Economic Forum in Ho, Dr. Asiama said the time had arrived to transform recent macroeconomic stability gains into shared prosperity through deliberate regional industrialization and robust private sector participation.
“This forum is not just another event, it is the turning of a new chapter in Ghana’s development, one that calls us to turn macroeconomic stability into shared prosperity,” he told participants gathered under the theme “Harnessing the Volta Corridor Economic Potential for the 24 Hour Economy Take off.”
The governor outlined how Ghana’s economic recovery over the past eight months had restored confidence in the financial system after what he described as one of the country’s most difficult periods in 2022.
Inflation now stands at 9.4 percent, the cedi is appreciating, and international reserves have climbed above $12 billion, covering nearly five months of imports. “These are not just statistics, they tell the story of a country that has refused to give up,” Dr. Asiama said.
He attributed the gains to deliberate, disciplined policymaking that created the right conditions for investment and regional transformation, particularly in the Volta region.
The governor described the Volta Economic Corridor as a vital production and trade route stretching from Tema and Akosombo through the Volta region to the north, connecting farmlands, energy sources, and border trade routes into a cohesive economic network.
“Our economic corridor in the Volta region is not just a line on a map, it is a living artery through which Ghana’s economic heart connects to fertile farmlands, busy markets, and energy sources,” he emphasized.
Dr. Asiama called for deliberate investments to transform the corridor into a round the clock economic engine, integrating agriculture, logistics, manufacturing, and digital services into Ghana’s 24 hour policy framework.
The 24 hour economy concept, he explained, isn’t simply about working longer hours but about working smarter, faster, and more connected. “It is about creating a Ghana where production never stops, finance flows continuously, and digital systems keep commerce alive beyond daylight.”
He outlined strategic priorities for unlocking the corridor’s potential, starting with infrastructure and connectivity improvements, particularly upgrading the Eastern Corridor Road and modernizing border posts to facilitate seamless trade flows.
Energy development emerged as another critical pillar, with Dr. Asiama advocating for renewable energy systems powered by hydro, solar, and wind to sustain 24 hour operations in industrial parks across the region.
Human capital development also featured prominently in his vision, with the governor calling for technical and vocational training aligned with digital entrepreneurship and automation to prepare youth for what he termed a “24 hour ready workforce.”
Creating an attractive investment climate through policy consistency, regulatory clarity, and competitive tax frameworks would be essential for fostering public private partnerships, he noted.
“Government cannot do it alone. We need strong private sector participation, both local and international. The potentials of the region must be packaged well to attract capital,” Dr. Asiama stressed.
The Bank of Ghana chief detailed how central bank policies would underpin the Volta corridor’s transformation and the broader 24 hour economy initiative.
Macroeconomic management, including price stability, inflation targeting, and foreign exchange oversight, provides the foundation of predictability that businesses and investors require for long term planning, he explained.
Digital finance expansion represents another crucial element. Dr. Asiama pointed to initiatives such as GhanaPay, GhIPSS, and the upcoming E Cedi project, which together would enable seamless, continuous transactions even when physical bank branches close.
“In a 24 hour economy, digital payments are the bloodstream of businesses,” he said. “Bank branches may close at 5 p.m., but digital channels must continue to serve economic activity till the next morning.”
Reforms to Ghana’s credit ecosystem, the collateral registry, and new digital lending frameworks are broadening access to finance for small and medium enterprises and startups, particularly in the Volta region.
The governor highlighted efforts to promote fintech solutions that are SME friendly, helping widen access to capital and enabling cooperatives and youth led startups to scale in the formal economy.
Dr. Asiama stressed that the corridor’s success depends on collective effort spanning central and local government, private investors, educators, and traditional leaders.
“True transformation is not decreed; it is co created,” he said. “Government must enable, private capital must build, traditional leaders must anchor, and financial institutions must finance.”
He commended the Volta Regional Coordinating Council, the Volta Corridor Project, and the Ghana Exim Bank for their leadership, describing the forum as a call to action that should translate ideas into tangible outcomes.
“Let us turn every idea shared here into tangible outcomes, a factory built, a farm expanded, or a financial hub created. Together, we can make the Volta Economic Corridor the vibrant heartbeat of Ghana’s 24 hour economy.”
Dr. Asiama concluded by reaffirming the Bank of Ghana’s commitment to supporting sustainable, region led growth through financial stability, innovation, and inclusion.
“Ghana is open, Ghana is stable, and Ghana is future focused,” he said. “Together, we can make the Volta corridor a model of transformation and shared prosperity.”
The Volta Economic Forum brought together policymakers, regional leaders, diplomats, and industry executives to explore opportunities within the economic corridor, which forms a key pillar of Ghana’s strategy for inclusive and sustainable growth.
