Seth Twum Akwaboah, President of the Association of Ghana Industries (AGI), has cautioned against expecting immediate transformation from the government’s 24-Hour Economy policy. He stated that the policy’s effectiveness hinges on specific programmes and interventions, not on its name or slogan alone.
Mr. Twum Akwaboah emphasized that the initiative should be judged by its development process, the level of consultation involved, and the practical measures introduced. He highlighted that policy success depends on the activities selected to achieve its objectives. This perspective underscores the need for thorough planning and execution rather than superficial branding.
This caution comes as Ghana navigates a complex economic landscape, with various government initiatives aimed at stimulating growth and industrialization. The 24-Hour Economy policy, like the earlier One District, One Factory (1D1F) initiative, represents a significant government vision. Such policies are crucial for job creation, increased productivity, and attracting investment, all vital for Ghana's economic stability and progress. The AGI's stance reflects a broader industry desire for clear, actionable strategies.
“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,” Mr. Twum Akwaboah stated. He added, “It is more of what you do within those policies.” This statement, made during an interview, clarifies the AGI’s focus on tangible outcomes over mere policy announcements.
The implications are clear: stakeholders, including businesses and the public, should temper expectations for instant change. The government must provide detailed blueprints and implementation strategies to ensure the policy's long-term success. This approach will build confidence and encourage the necessary private sector participation. The focus shifts from a catchy slogan to measurable progress and defined activities.
Mr. Twum Akwaboah noted initial uncertainty regarding the 24-Hour Economy’s meaning. However, he confirmed that discussions with the government have brought greater clarity to the initiative. He views the policy as a long-term vision, not an intervention for instant results. This perspective is crucial for managing public and business expectations effectively.
He drew a parallel with the One District, One Factory (1D1F) initiative. Announcing a policy should not create an expectation of immediate goal achievement. “The same thing I said is that when we had the 1D1F. All of a sudden, you think that every district is going to have an industry?” he questioned. This comparison highlights the need for patience and sustained effort in policy implementation.
The AGI President stressed that the 24-hour economy requires clear policies, programmes, and activities. These elements will gradually move the country towards its intended transformation. He reiterated, “So I’m not expecting that things will change overnight like that. But then we need to define the specific activities and policies and programs we are going to do to make that happen.” This call for specificity is a key demand from the industrial sector.
Mr. Twum Akwaboah expressed encouragement regarding recent government efforts to detail the policy. He cited the launch of a blueprint outlining proposed interventions. “And gradually they are coming to that point where now they’ve launched a blueprint, and then in it there are a lot of interesting ideas,” he observed. This blueprint is a positive step towards defining actionable strategies.
Ultimately, the success of the 24-Hour Economy initiative will depend on its effective implementation. The AGI’s caution serves as a reminder that grand policy visions require meticulous planning, consistent execution, and realistic timelines. This approach ensures that Ghana's industrial sector can truly benefit from government initiatives, fostering sustainable economic growth and development. The focus remains on tangible actions over aspirational rhetoric.