The Chief Executive Officer of the Ghana National Chamber of Commerce and Industry (GNCCI), Mark Badu Aboagye, has raised concerns over the viability of the proposed 24-hour economy policy, cautioning that it could become merely a slogan without proper incentives and effective implementation.
Speaking on PM Express on Joy News, Mr Badu Aboagye noted that while such policies are often well-conceived and clearly articulated, they frequently fall short at the implementation stage.
He emphasised that the success of initiatives like the 24-hour economy and the One District One Factory (1D1F) depends largely on the private sector.
“There is no way government alone can solve the unemployment problem we have,” he said, explaining that the public sector employs only about six per cent of the labour force, while the private sector accounts for the remaining 94 per cent.
According to him, empowering the private sector and creating the right business environment are essential to driving job creation and economic growth.
On stakeholder engagement, Mr Badu Aboagye confirmed that the GNCCI has been consulted on the proposed 24-hour economy policy, although he indicated that broader and more sustained engagement is necessary. He disclosed that a recent meeting with policy coordinators, including Gossie Tannoh, had been scheduled but did not take place.
He cited the 1D1F initiative as an example of a strong policy that struggled due to implementation challenges, arguing that even partial execution could have significantly addressed unemployment.
Mr Badu Aboagye also questioned whether the 24-hour economy is genuinely being structured as a private sector-driven initiative, stressing the need for clear and accessible incentives.
While acknowledging that previous policies included incentive packages—such as interest support on loans—he raised concerns about access to such benefits and the potential influence of political considerations.
He warned that without deliberate and transparent implementation, the 24-hour economy risks failing to achieve its intended impact.
Mr Badu Aboagye further urged policymakers to consider the role of investors and ensure that conditions are conducive for private sector participation if the policy is to succeed.
