Speaking at the Banking Sector Roundtable, Goosie Tanoh, the Presidential Adviser for the 24-hour policy initiative, outlined a comprehensive strategy for financing Ghana’s economic future. The speech, titled “Financing Ghana’s 24-Hour Future,” highlighted the urgent need for a collaborative overhaul of the nation’s financial landscape.
Mr. Tanoh opened by acknowledging that the meeting was long overdue, not due to a lack of appreciation for the banking sector’s importance, but because the 24H+ team first needed to develop a robust, actionable set of solutions. The core of the 24H program, he explained, is built on “organized citizen enterprise”, empowering a diverse range of economic actors, from small and medium-sized enterprises (MSMEs) and cooperatives to local and foreign companies.
The goal, according to him is to fundamentally rethink and re-engineer critical value chains to create a virtuous cycle of investment, production, and profit that drives societal development.
His address directly confronted the systemic hurdles hindering Ghana’s economic progress. Goosie Tanoh emphasised that a lack of appropriate credit support, coupled with unfavorable terms and collateral conditions, remains a primary constraint for businesses.
He stressed that this issue is not one-sided, recognizing the banking industry’s own challenges, which are rooted in a history of disjointed, bureaucratic regulatory systems and government incentives that have often prioritized the national budget over productive lending.
He also spoke to the immense pressure on government financial managers and banking regulators who operate in an unforgiving international financial system. He characterized their roles as a constant state of crisis management, emphasizing the shared need for a collective solution.
A Collaborative Path Forward
The path to progress, the Presidential Adviser asserted, requires a concerted and simultaneous effort from all stakeholders. He called for ambitious, measured, synergistic, and concrete steps to create space for the productive economy—the true foundation of the nation’s financial health.
Presenting a package of proposed solutions, the 24H+ team sought to engage the banking community directly, inviting them to help refine these ideas.
The proposals, Tanoh stated, are designed not only to drive profitable growth for both entrepreneurs and banks but also to strengthen the financial sector while meeting the stringent standards of the Bank of Ghana.
“That is why we are eager topresent our ideas on the financing of the 24H+ programme to you the true masters of the credit game. We believe we have a package of workable solutions that you can help us improve and that you can use to drive growth profitably for entrepreneurs and for Banks, and that will also strengthen the sector and meet the stringent standards of the Bank of Ghana.” He stated.
Concluding his address, Tanoh framed this moment as a unique historical opportunity where the requirements of national development and the interests of the banking community are finally in alignment.
He urged all to seize this moment with “clarity, courage, and commitment” to forge a new, prosperous future for Ghana.
Story By: Eugenia Ewoenam Osei
