Former President John Mahama should demand quarterly Key Performance Indicator (KPI) reports from all public institutions. These reports must track each entity's contribution to job creation, industrial growth, and overall economic productivity.
Ghana has achieved a significant level of economic stability. This stability resulted from efforts by the Ministry of Finance and the Bank of Ghana. Measures like fiscal reforms and tighter monetary management helped restore confidence.
However, stability alone does not guarantee prosperity or jobs. The nation now faces the challenge of converting this stability into tangible economic output. The proposed 24-Hour Economy agenda requires concrete action from every government body.
This proposal suggests that each institution must be accountable for specific outcomes. These outcomes include job creation, industrial expansion, and SME development. The focus must shift from spending money to achieving results.
The call for these reports comes after a period of significant economic reforms and sacrifices. Inflation is falling, and investor confidence is gradually returning. These gains are a foundation for future progress.
President Mahama must ensure that every ministry, agency, and public authority can show its measurable contribution. This includes areas like export growth, agricultural productivity, and investment attraction.
The days of judging success by budgets spent must end. The new standard must be economic impact. Every institution must answer one question quarterly: "What measurable contribution have you made?"
For instance, the Ministry of Trade should report on activated factories. The Ministry of Finance should track productive sector financing. The Bank of Ghana should monitor SME credit expansion.
District Assemblies must account for jobs created and local investment facilitated. The Ministry of Energy needs to show industrial power reliability. The Ministry of Transport must improve logistics efficiency.
The ultimate test of the 24-Hour Economy is the private sector's experience. Businesses need to see real improvements in the operating environment. This means reliable power, access to markets, and efficient processes.
For example, can a factory operate multiple shifts without power interruptions? Can a farmer access processing facilities easily? Can an SME get affordable financing? These are the critical questions.
The Ministry of Finance and the Bank of Ghana have already strengthened the economic foundation. The cedi is more stable, and investor confidence is improving.
The 24-Hour Economy offers a path to transform stability into expansion. Success hinges on discipline, coordination, and accountability across the public sector.
It is recommended that President Mahama establish a national 24-Hour Economy Performance Dashboard. This dashboard would be monitored directly by the Presidency.
Every institution would submit quarterly KPI reports linked to national productivity targets. Those that perform should be recognized. Those that fail need assistance to improve.
Transparency is key to creating urgency. Urgency drives action, and action leads to results. Ghana cannot afford to stop at stability.
The nation must now focus on creating jobs and growing industries. Strengthening local enterprises and unlocking opportunities for young Ghanaians is paramount.