The 24-Hour Economy and Accelerated Export Development Programme Secretariat (24H+) has begun developing new legal rules for Ghana’s cooperative sector. This initiative aims to modernize the sector and drive significant economic changes. The Secretariat intends to replace current laws, some of which are more than 58 years old, to better suit today’s economic landscape.
This effort is part of a wider plan to make cooperatives important drivers of economic growth that benefits everyone. The Secretariat held a meeting in Accra to gather ideas from different groups involved in cooperatives. They discussed how cooperatives can lead to sustainable development in Ghana.
This reform is crucial given Ghana’s history of relying on agriculture and small businesses. Cooperatives offer a structured way for many people, especially farmers, to pool resources and gain better access to markets and funding. Historically, outdated laws have hindered their potential, limiting their ability to contribute fully to national development.
Gillian Heathcote, the Head of Communications for the Secretariat, confirmed this initiative in a press statement. She noted that a joint committee is now drafting a Cooperative Legislation Bill. This Bill will be sent to Parliament and then to President John Dramani Mahama for approval.
The new legal framework promises several key improvements. It aims to strengthen how cooperatives are managed, make it easier for them to get money, and improve their ability to operate effectively. For instance, a Solidarity Fund is planned to protect members from unexpected production or market problems. These changes are expected to help cooperatives expand their role in processing and marketing goods, moving beyond just primary production.
Augustus Goosie Tanoh, Presidential Advisor on the 24-Hour Economy and Accelerated Export Development Programme, emphasized the potential of cooperatives. He stated that they can revitalize important parts of Ghana’s economy, such as farming, manufacturing, and small businesses. Mr. Tanoh highlighted that cooperatives can empower women, young people, and small businesses. However, he acknowledged they face challenges like limited funding and weak support from institutions.
The reforms will also focus on making farming more profitable by allowing farmers to control more aspects of production and supply. This contrasts with current systems where external groups often manage these key areas, reducing farmer profits. Continuous production models are expected to create jobs and use assets more efficiently. Circular production systems will turn waste products into additional income.
Emelia Arthur, the Minister for Fisheries and Aquaculture Development, stressed the role of cooperatives in expanding fish farming and creating jobs. Hamidu Adakruogu, Chief Director at the Ministry of Labour, Jobs and Employment, reiterated the Ministry’s commitment to improving regulations and promoting fair work standards. He sees cooperatives as platforms for creating structured jobs, especially for young people.
The Secretariat believes these legal and institutional changes will transform farmers into owners of agricultural industrial businesses. This will deepen the sector’s overall contribution to Ghana’s economic growth. Investors and policymakers will observe how these reforms attract new capital and improve economic indicators over the coming years.