As Ghana rolls out its ambitious 24-Hour Economy policy, economist and University of Ghana professor Godfred Bokpin has called on government to embed robust Key Performance Indicators (KPIs) and measurable outcomes to ensure the policy delivers on its promise.
Speaking on a current affairs programme, Prof. Bokpin welcomed the vision behind the initiative but warned that without a clear framework for monitoring, accountability, and data-driven analysis, the policy risks becoming another well-intentioned idea that fails to achieve meaningful impact.
“This structured reporting fosters ownership and binds institutions to their commitment a crucial element currently lacking in the government’s new economic vision,” he stated.
Prof. Bokpin proposed that the government anchor the monitoring and evaluation of the 24-Hour Economy within existing institutional structures, particularly the Ministry of Finance, Ghana Statistical Service (GSS), and Bank of Ghana, which already operate within data-intensive frameworks under the IMF programme.
He pointed to the success of IMF-driven reporting mechanisms featuring weekly, monthly, and quarterly updates as a model worth emulating.
“The 24-Hour Economy must have a rigorous monitoring mechanism inherent within the IMF Programme. By incorporating clear KPIs and leveraging established institutional frameworks, the 24-Hour Economy could transition from a concept to a measurable and accountable national development programme.” he noted.
Avoid Bureaucratic Bloat, Use Existing Infrastructure
Prof. Bokpin strongly cautioned against creating new, standalone agencies or secretariats to oversee the policy, citing inefficiencies and high administrative costs in similar past ventures such as the Northern Development Authority.
“These institutions already possess the capacity and mandate for data collection and reporting. Let’s not repeat the mistake of inflating the public sector with parallel structures that add little value.” he noted.
Instead, he urged the government to empower and integrate the 24-Hour Economy within existing governance structures, ensuring continuity, cost-efficiency, and long-term sustainability.
A Policy With Promise, If It’s Made Measurable
While the 24-Hour Economy is being lauded as a bold economic recovery tool to enhance productivity, create jobs, and strengthen Ghana’s competitiveness, experts like Prof. Bokpin say results must be quantifiable and periodically assessed to avoid mission drift.
“If we can’t measure it, we can’t manage it. And if we can’t manage it, we certainly can’t scale it,” he concluded.
