The Association of Ghana Industries (AGI) has welcomed the government’s 24-Hour Economy policy. AGI President Seth Twum Akwaboah stated that its successful implementation could significantly transform Ghana’s industrial sector.
Mr. Akwaboah, speaking on Joy News’ PM Express Business Edition, emphasized that the business community prioritizes the policy's substance over its catchy slogan. He highlighted the importance of thorough design and implementation, particularly the extent of consultation with industry players. This approach ensures the policy addresses real economic needs and challenges.
This endorsement comes as Ghana seeks innovative strategies to boost economic growth and productivity. The 24-Hour Economy policy aims to extend business operating hours, potentially increasing output and creating more jobs. This initiative aligns with broader national efforts to industrialize and diversify the economy, following programs like the One District, One Factory (1D1F) initiative.
“For me, I don’t bother so much about the clichés you create, whether it’s 24-Hour Economy or 1D1F; that’s not really the issue for me. It is more of what you do within those policies,” Mr. Akwaboah said. He stressed that the policy's effectiveness hinges on its practical application and the specific activities it promotes.
The policy's success will depend on several factors, including reliable power supply, enhanced security, and efficient logistics. Decision-makers must ensure these foundational elements are in place to support extended operational hours. Businesses will closely watch how the government translates its blueprint into tangible actions and measurable outcomes.
Initially, the 24-Hour Economy concept lacked clarity for many businesses. However, engagements with government officials have provided a clearer understanding of its intended direction. Mr. Akwaboah cautioned against expecting immediate, overnight changes from the policy's announcement. He drew a parallel with the 1D1F initiative, noting that its announcement did not instantly establish factories in every district. Similarly, the 24-Hour Economy requires a phased and strategic approach.
“When you hear a cliché, when you hear a mention of something like that, sometimes the expectation is that overnight things will change and everything will be a 24-hour economy. It doesn’t happen like that,” he explained. He urged a realistic perspective on the timeline for economic transformation. The AGI President reiterated that the government must define specific activities, policies, and programs to achieve the policy's objectives. This structured approach is crucial for translating vision into reality.
Mr. Akwaboah acknowledged that the government has made progress by launching a blueprint for the policy. He believes this blueprint contains many interesting ideas that could benefit the economy if executed properly. The AGI has reaffirmed its support for the initiative. The association is actively working with the government and the 24-Hour Economy Secretariat on various aspects of the policy. This collaboration aims to ensure industry perspectives are integrated into the implementation plan. The AGI's involvement underscores the importance of public-private partnerships in national development initiatives. If implemented to the letter, the policy could indeed be a game changer for Ghana’s economic landscape. It promises increased productivity, job creation, and enhanced competitiveness for Ghanaian industries.