The government’s proposed “new economy” is largely a rebranding of its 24-hour economy policy, with public financing now expected to drive its implementation following the failure to attract sufficient private sector investment, the Member of Parliament for Manso Nkwanta, Tweneboa Kodua Fokuo, has said.
He argued that both initiatives share essentially the same economic objectives, particularly the expansion of exports, import substitution and accelerated national development.
Mr Fokuo, who is also the Deputy Ranking Member of Parliament’s Economy and Development Committee, said the government appeared to be repackaging its earlier 24-hour economy agenda, with a greater reliance on public funds to finance its implementation.
Speaking on Joy News’ PM Express on Tuesday, November 10, ahead of the presentation of the 2027 Budget by Finance Minister Dr Cassiel Ato Forson, he questioned whether the proposed economic direction represented any significant departure from the previous policy.
“If you look at what is being described as a new economy, in reality, it is not different from the 24-hour economy,” he said.
He explained that the 24-hour economy initiative, particularly its expanded 24-hour economy plus component, was also intended to accelerate economic growth through increased exports and the promotion of locally manufactured goods as alternatives to imports.
According to the MP, the economic pillars currently being associated with the proposed new economy closely resemble those outlined under the previous programme.
He identified the financing structure of the 24-hour economy as one of its major challenges, arguing that the programme’s dependence on private sector investment failed to generate the expected interest.
“It does seem that the 24-hour economy was positioned as a programme that would be financed by the private sector, and that could not materialise. The private sector had no appetite at all for the 24-hour economy programme,” he said.
Mr Fokuo maintained that the government’s current approach appeared to retain the original policy objectives while shifting the responsibility for financing implementation towards the public sector.
He said the presentation of the 2027 Budget would provide an opportunity to scrutinise the government’s proposed economic direction, particularly its financing arrangements and the measures intended to translate its policy objectives into tangible results.
Finance Minister Dr Cassiel Ato Forson is expected to present the 2027 Budget Statement and Economic Policy to Parliament, outlining the government’s expenditure priorities, revenue measures and broader economic plans for the coming year.
