The President of the Association of Ghana Industries (AGI), Seth Twum Akwaboah, has called on the government to implement concrete policies for Ghana’s 24-Hour Economy initiative. He stressed that the policy’s success depends on practical steps rather than just its name.
Mr. Akwaboah emphasized that the government must pay close attention to policy development and implementation. He questioned the consultative nature of policy creation and the specific activities planned to change the current economic situation. This call comes as the government continues efforts to operationalize its flagship 24-Hour Economy policy, aiming to expand economic activity and create more opportunities.
This initiative is a key part of Ghana's broader economic strategy to boost productivity and employment. It seeks to leverage existing infrastructure and create new opportunities by extending business operating hours. The policy aims to address challenges like underemployment and slow economic growth, which have been persistent issues in recent years. Ghana's economy has faced various headwinds, including inflation and currency depreciation, making such growth-oriented policies crucial.
Speaking on Joy News’ PM Express Business Edition, Mr. Akwaboah stated, “For me, I don’t bother so much about the clichés you create, whether it is 24-Hour Economy or 1D1F; that’s not really the issue for me. It is more of what you do within those policies.” He highlighted the importance of well-defined actions over catchy slogans for national development.
The successful implementation of the 24-Hour Economy could significantly impact various sectors, including manufacturing, services, and logistics. Businesses could see increased revenue, while workers might benefit from more flexible employment options and higher incomes. Decision-makers will need to ensure adequate infrastructure, security, and regulatory support to make the policy viable. Markets will closely watch for tangible signs of progress and economic upliftment.
Mr. Akwaboah acknowledged that the policy was initially unclear to many businesses and stakeholders. However, he noted that consultations with the government have brought greater clarity to the initiative. He stated, “I think we are making good progress because now it’s coming clearer. Government is defining.”
He cautioned against expecting an overnight transformation of the economy. Mr. Akwaboah compared this situation to the previous government’s One District, One Factory (1D1F) initiative. He explained that such large-scale policies represent an intention and a vision, requiring sustained effort to achieve their goals. The focus must now shift to identifying specific interventions needed for the 24-Hour Economy to become a reality.
The AGI President confirmed that the government has made progress by launching a blueprint for the initiative. He believes this blueprint contains many interesting ideas that could transform economic activity if properly implemented. He reaffirmed the AGI’s support for the policy, stating the association is already engaging the 24-Hour Economy secretariat on its implementation. This collaboration is crucial for aligning government objectives with industry needs.
The AGI’s active involvement signals a commitment from the private sector to make the policy work. Effective collaboration between government and industry is essential for overcoming potential hurdles. These hurdles include ensuring reliable power supply, enhancing security, and providing necessary financial incentives for businesses operating extended hours. The success of this policy could serve as a model for future economic development initiatives in Ghana.