Ghana’s 24-hour economy initiative has ground to a halt. This is due to a lack of funding and poor execution. The secretariat tasked with running the programme is not functioning. Former Finance Minister Mohammed Amin Adam made these claims. He is also the Member of Parliament for Karaga.
Dr. Amin Adam stated that the 24-hour economy secretariat is in a ‘coma’. He explained that the government has not released any funds. The secretariat was allocated GHS110 million for this year. This money has not been made available. The failure to release these funds raises serious concerns. It questions the government’s dedication to this signature policy. The initiative was launched with much public fanfare. However, it has not shown any real results yet.
The 24-hour economy aims to extend business operating hours. This is expected to boost economic activity and create jobs. Such a policy is crucial for Ghana’s long-term economic growth. Ghana has been working to diversify its economy. It seeks to move beyond traditional commodity exports. High unemployment rates remain a persistent challenge. Policies that promise more jobs are vital for national development. This stalled initiative represents a missed opportunity.
Dr. Amin Adam described the current approach as unsustainable. He believes the lack of funding cripples the programme. He also pointed to a shortage of incentives for businesses. These are essential for the initiative’s success. Without financial support and business encouragement, the policy cannot deliver on its promises. He further added that the government must commit adequate resources. Proper planning and execution are also necessary.
The stalled initiative has implications for investor confidence. It also affects potential job creation. The government needs to address these funding issues promptly. Clear communication on the project’s future is also needed. Markets and businesses will watch for concrete steps to revive the programme. This includes the actual release of funds and tangible policy actions.