Journalist Paul Adom-Otchere has publicly questioned the government’s implementation of its 24-hour economy policy. He specifically criticised the demolition of existing structures, including schools and bank buildings, to make way for new market projects. Mr. Adom-Otchere highlighted these concerns at the New Patriotic Party (NPP) Ashanti Regional executives' election on Saturday, August 15.
Mr. Adom-Otchere argued that associating the 24-hour economy initiative primarily with markets is inconsistent with the original policy concept. He pointed out that Ghana has a rich history of established markets, some predating the nation’s independence. These include major hubs like Asafo Market, Adum Market, Kejetia Market, and Makola Market, which have served communities for decades.
This approach raises questions about the economic rationale and efficiency of destroying functional infrastructure to build new market spaces. Such actions could lead to significant financial losses from asset write-offs and new construction costs. The government’s 24-hour economy agenda aims to boost economic activity, employment, and productivity. However, the current strategy of demolishing existing structures to build new markets appears to contradict the goal of efficient resource allocation. It also risks displacing businesses and residents, potentially hindering immediate economic output.
Paul Adom-Otchere stated, “People's buildings have been broken down and they break your building, whether it's a bank, whether it's a school, and they tell you we are building a 24-hour market.” He further questioned the necessity of these demolitions, asking, “Suddenly government comes and says I'm doing a 24-hour economy and it's anchored on markets. Okay, go ahead with your markets. No, I break your school building and I do markets. I break your bank and I do markets.”
The demolitions and the manner of their execution are contributing to growing public dissatisfaction, particularly in the Ashanti Region. This discontent could have significant political consequences for the governing National Democratic Congress (NDC) in future elections. Voters are closely observing these developments, and the perceived disconnect between policy goals and implementation could sway public opinion. The economic implications extend beyond direct costs, affecting investor confidence and local business stability.
The government’s 24-hour economy policy is intended to stimulate growth by extending operational hours for businesses. However, critics argue that the current implementation strategy, involving the destruction of functional assets, may undermine these objectives. The focus on markets, while important, might overshadow other sectors crucial for a truly 24-hour economy. Future policy adjustments or clearer communication from the government will be essential to address public concerns and ensure the policy achieves its intended economic benefits. Stakeholders will be watching for how the government responds to these criticisms and whether it revises its approach to infrastructure development under this key economic initiative. The long-term economic impact of these decisions on local communities and national productivity remains a critical area for observation.