Former Minister of Finance, Dr Mohammed Amin Adam
Former Minister of Finance, Dr. Mohammed Amin Adam, has criticised the government’s 24-hour economy initiative, asserting that it does not promise to deliver accelerated growth in the country.
He argued that the policy lacks clarity and substance, as the 2025 budget, presented by the Minister of Finance, Dr. Cassiel Ato Forson, failed to outline how the initiative would significantly impact the industrial sector.
According to Dr. Amin Adam, the budget projects a growth rate of 5% for the industrial sector between 2025 and 2027 but does not explain how the flagship 24-hour economy program would enhance this growth rate.
Addressing the press on Thursday, March 13, 2025, he said, “It must also be noted that despite the hype surrounding the 24-hour economy, the initiative that the NDC talks so much about does not promise to deliver accelerated growth because the projected industry performance is not promising.”
He added, “The budget estimates that the projected growth rate for the industry will average 5% between 2025 and 2027. If the 24-hour economy is going to work, we expect industry growth, in particular, to be higher than this.”
Dr. Amin Adam also pointed out that the 2025 economic policy and budget statement does not include any specific program for the 24-hour economy, with the finance minister indicating that it would be launched at a later date.
“We know that since the budget was presented, there is no program in the budget on the 24-hour economy. The minister himself said they would launch it soon. If it is not in the 2025 economic policy and budget statement, then it is not for 2025,” Dr. Amin Adam added.
The 24-hour economy is a policy intervention introduced by the John Mahama government to encourage businesses and companies to operate 24/7, preferably in a three-shift system of eight hours each.
The initiative aims to create an enabling environment that fosters productivity, competitiveness, and well-paying jobs.
The government has outlined plans to achieve this through measures such as modernising and mechanising agriculture, providing incentives for the private sector, promoting agro-processing and manufacturing, and transforming Ghana into an import-substitution and export-led economy.
The policy also seeks to stabilize the local currency, reduce inflation and interest rates, create more employment opportunities, and improve livelihoods across the country.
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