Only 32% of Businesses Would Invest or Expand Under 24-Hour Programme — KPMG/UNDP Survey

Fewer than one in three Ghanaian businesses say they would commit to investing or expanding under the government’s flagship 24-Hour Economy programme without additional conditions, according to a new KPMG and UNDP survey that reveals deep caution beneath the policy’s ambitious job-creation rhetoric.

The 2027 Pre-Budget Survey, titled From Stability to Shared Prosperity, found that 32 per cent of businesses would consider investing or expanding under the 24H+ programme. A further 44 per cent said they would do so only subject to suitable incentives or enabling conditions, 14 per cent needed more information, and 10 per cent said they would not participate at all .

What Businesses Actually Want

The survey identified access to finance, reliable and affordable utilities, and tax incentives as the three factors that would most encourage participation. Taken together, the results show that business optimism remains constrained by the availability of finance, dependable utilities, market demand and the practical conditions required to invest .

Respondents expressed what the report described as “conditional interest” in the 24H+ programme, prioritising jobs and youth employment. Focus-group participants highlighted documentation requirements, customer access and cash-flow challenges as practical barriers, and urged the government to focus support on usable finance, investable projects and implementation that produces sustained activity and employment .

From Loan Availability to Usable Finance

The survey drew a distinction between the existence of credit and the ability of businesses to access it. Interest rates, collateral and documentation remain material concerns even as some respondents reported improved borrowing conditions .

Citing the African Development Bank, the report noted that Africa requires over US$1.3 trillion annually to achieve the Sustainable Development Goals, emphasising that mobilising finance and using it effectively are equally important. The government was urged to set out a coordinated approach to attract additional capital through participating financial institutions and existing support networks, and to expand products that match business cash flows .

On credit guarantees, the report recommended transparent eligibility criteria, meaningful lender risk retention, prudent exposure limits and independent monitoring. It also called for connecting training with actual lender requirements and providing practical support for applications, financial statements and business plans, citing GIZ’s Invest for Jobs approach—which combines tailored advice, equipment support and investment readiness—as an illustration of capability-building alongside capital .

Background: The 24-Hour Economy Policy

The 24-Hour Economy is a flagship initiative of the Mahama administration, conceived as a demand-driven, multi-sector policy intended to stimulate round-the-clock economic activity and create jobs, particularly for the youth . The government launched a National Dialogue on the policy in March 2025, bringing together representatives from organized labour, the private sector, the Trades Union Congress and other stakeholders .

In July 2026, the government signed a US$3 million technical assistance grant with the World Bank to support the initiative, alongside the launch of a 24-Hour Economy web app designed to help businesses explore opportunities under the programme .

The Utility Constraint

The 24-hour economy proposal rests on an assumption that businesses can operate around the clock—yet the same KPMG/UNDP survey found that only 36 per cent of businesses describe electricity as very or mostly reliable, with 47 per cent experiencing occasional interruptions . The survey’s authors were explicit that a tariff hold “cannot substitute for operational improvement,” and urged distribution reform addressing billing accuracy, technical and commercial losses .

That finding places the 24H+ programme’s viability in context. A business considering night shifts or extended operating hours must weigh the cost of unreliable power against the promise of additional revenue—and 44 per cent of respondents appear to be doing exactly that, withholding commitment until the enabling conditions are in place.

Demographics

Seventy-five per cent of respondents were male, while 66.1 per cent resided in the Greater Accra region . The survey drew on an online sample conducted between October 12 and November 4, 2026, alongside focus groups in Ketu South and Kumasi .

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Reporter’s note: The survey was conducted jointly by KPMG Ghana and UNDP ahead of the 2027 Budget presentation on November 12, 2026. The 32 per cent figure reflects respondents who said they would consider investing or expanding under the 24H+ programme without stated conditions; the 44 per cent figure includes those who would do so subject to incentives or enabling conditions. The government’s 24-Hour Economy policy remains in its design and consultation phase.