Although the implementation of the government’s flagship 24-Hour Economy seems to have been delayed, the programme has received a very positive review after an assessment by the Centre for Policy Scrutiny (CPS).
The think tank has lauded the government’s 24-Hour Economy initiative, describing it as one of the most practical and well-thought-out economic programmes Ghana has seen in recent years.
CPS further indicates that the policy not only correctly diagnoses the country’s long-standing developmental challenges but also prescribes actionable and inclusive solutions that could set Ghana on a new path of sustained growth if properly implemented.
Speaking at an event to outdoor the review of the programme, the Executive Director of CPS, Dr. Adu Owusu Sarkodie, commended the technical team behind the 24-Hour Economy Secretariat for their in-depth understanding of Ghana’s economy and the historical context of development planning.
“The programme correctly diagnoses Ghana’s developmental challenges and prescribes solutions and I will commend them for this work done. They really interrogated Ghana’s economy,” the Executive Director of CPS remarked.
The economist observed that while the 24-Hour Economy initiative shares similarities with previous national programmes like the Coordinated Programme of Economic and Social Development Policies (2017–2024), particularly in its focus on agricultural transformation and industrialisation, it goes further to propose innovative and market-driven solutions. “
He further lauded the fiscal incentives schemes such as tax rebates for companies operating multiple shifts, income tax credits for private infrastructure investors, and bonuses for exporters, although he expressed some reservations.
A standout feature, according to CPS, is the Volta Economic Corridor, described as the flagship of the broader 24-Hour Economy and the government’s Accelerated Export Development Programme.
The policy think tank believes that fully harnessing the economic potential of the Volta Lake and its surrounding areas could significantly boost industrialisation, logistics, and job creation.
CPS further praised the cross-cutting and interconnected nature of the initiative, underscoring its ability to create synergies across different sectors of the economy.
Using the example of the GROW24 and MAKE24 sub-programmes, the Director explained that “the GROW24 depends on the MAKE24 for farm implements and also markets. And then the MAKE24 also depends on the GROW24 for raw materials. If you want to produce sugar, you need sugarcane. So the GROW24 will give you the sugarcane, and the MAKE24 will give you the sugar. And the MAKE24 will provide a market for the GROW24, which we think is good.”
It is the considered view of CPS that indeed the programme is not just an ambitious plan; it’s a comprehensive, interconnected, and forward-looking economic programme that, if followed through, could finally move Ghana from diagnosis to real recovery.
