Former Finance Minister Mohammed Amin Adam has stated that the government cannot sustainably fund the proposed 24-hour economy policy. He believes the private sector must drive this initiative. The current government strategy is seen as financially unsustainable. Adam made these remarks recently regarding the policy.
Adam, who is also the Member of Parliament for Karaga, explained that the government cannot shoulder the financial burden of expanding staffing and operations across all state institutions. He argues that expecting the government to create jobs through this public sector approach is unrealistic. The government lacks the necessary funds for such an expansion. This is a critical point for the policy's viability.
The former minister emphasized that the private sector should be at the forefront of the 24-hour economy. However, he criticized the government for failing to deliver promised incentive packages. These incentives were announced in the 2026 Budget. They are meant to support businesses engaging in the 24-hour economy. Almost half a year into the budget's implementation, these packages have not materialized. This delay raises concerns about commitment to the policy.
Adam further alleged that the 24-Hour Economy Secretariat is inactive. This is due to a lack of released funds for its operations. He stated that funding delays undermine confidence in the policy. They also cast doubt on the government's commitment. The policy's success hinges on timely and effective support. Without it, the initiative risks failure.
The government's vision for a 24-hour economy aims to boost economic activity and create jobs. This policy is part of a broader strategy to enhance national productivity. However, the current approach faces significant hurdles. The reliance on public sector funding might be a misstep. Private sector engagement is crucial for operational efficiency and innovation. The government needs to build trust with businesses. This requires delivering on its promises. The Karaga MP’s statements highlight a potential disconnect. This disconnect exists between policy ambition and practical execution.
The lack of released funds for the 24-Hour Economy Secretariat is a concrete concern. It suggests internal challenges in policy implementation. If the secretariat cannot operate, its role in coordinating and supporting the policy is compromised. Adam's call for a private sector-led approach reflects a common economic principle. Private entities are often more agile and responsive to market demands. Their involvement can bring expertise and capital. This could accelerate the policy's development. The government must address these funding and incentive issues promptly.
Adam's critique aligns with broader economic discussions in Ghana. Many observers are scrutinizing government spending and policy effectiveness. The success of the 24-hour economy policy is important for job creation. It also relates to economic growth targets. The government must show a clear path forward. This involves demonstrating tangible support for businesses. Failure to do so could lead to the policy not achieving its intended goals. This would be a lost opportunity for economic development. The coming months will reveal if the government can rectify these issues.