OPINION: The 24-hour economy policy is nothing but a replication of previous policies!
To ensure that industrialisation drives inclusive development, it must be both financed and largely owned by Ghanaians. The 24-hour economy policy in its current form lacks coherence on these critical drivers
The 24-hour economy holds the promise of creating more jobs and generating higher incomes for Ghana’s youthful yet largely unemployed population. This is encouraging, especially given that rising unemployment has been a persistent challenge for successive governments. A thriving night-time economy can serve as a source of new employment and income, as businesses that operate around the clock will require additional staff and resources.
However, the success of a 24-hour economy depends on several critical factors. These include increased market demand, greater investment in infrastructure, production and services, as well as improved human development.
These elements enhance the physical and economic capacity of citizens and businesses to work and spend during extended hours.
Ultimately, jobs are not created simply by declaring a 24-hour economy policy. Rather, they emerge from sustained economic growth, increased investment and the expansion of both local and global market shares – all of which can drive the need for continuous economic activity and, in turn, generate meaningful employment.
Feasibility
Therefore, a 24-hour economy is only feasible in a well-developed economy, city or community that has the necessary infrastructure, investment and sufficient demand and supply of goods and services. The experiences of global cities such as New York, Amsterdam, Dubai, Sydney, London, Berlin, Johannesburg and Tokyo show that implementing a 24-hour economy requires certain enabling economic conditions, including strong infrastructure, reliable utilities and a vibrant consumer base.
In the context of Ghana, the NDC’s 24-hour economy policy is built around eight core pillars. For the sake of brevity, this article focuses on one key pillar: Make24. Under this initiative, the NDC government plans to prioritise industrialisation and manufacturing by promoting 24-hour operations in factories and processing zones. The goal is to boost production, increase exports and create more jobs.
For a summary of the 24-Hour Economy policy click on this link: Launch-Booklet ghana_beyond_aid_charter_new
Central to the Make24 strategy is the creation of a national network of modern industrial parks, known as Wumbei Industrial Parks. These parks aim to address the major challenges facing Ghanaian manufacturers, such as land access, unreliable utilities,and high set-up and logistics costs.
By 2028, the plan is to establish ten industrial parks, with a broader target of 50 parks over the next decade.
Each park will span at least 50 acres and come equipped with shared, fully serviced infrastructure to support 24-hour industrial activity.
Differences
How different is this new policy from the One District, One Factory (1D1F) initiative and the Ghana Beyond Aid Charter?
The 1D1F initiative, a key component of the NPP government’s Ten-Point Industrialisation Plan, aimed to transform Ghana’s economy from one reliant on imports and raw material exports to one focused on manufacturing, value addition and the export of processed goods. A central goal was to create large-scale employment opportunities – especially for the youth in rural and peri-urban areas – thereby improving incomes, raising living standards and curbing rural-urban migration.
1D1F offered a wide range of incentives, including:
* Waivers on duties and levies for imported machinery, equipment and raw materials
* A five-year corporate tax holiday
* Interest subsidies on loans for 1D1F companies
* Free technical assistance from experienced consultants
* Extension of essential infrastructure (electricity, water, roads) to factory sites
Like the proposed 24-hour economy under the “Make24” initiative, 1D1F was private sector-led, with government participation through district assemblies in public-private partnerships (PPPs).
Similarly, the Ghana Beyond Aid Charter was built around five pillars – creating a Wealthy, Inclusive, Sustainable, Empowered and Resilient (WISER) Ghana. It promoted a more supportive environment for both domestic businesses and foreign investors, encouraged aggressive investment promotion and emphasised support for SMEs and entrepreneurship.
A key aspect of the charter was its call for deep institutional reforms to reduce bureaucracy (“red tape”) and streamline business processes. It prioritised attracting high-quality foreign direct investment, particularly in sectors such as manufacturing, agro-processing and ICT-based industries.
For a copy of the Ghana Beyond Aid Charter click on the link: ghana_beyond_aid_charter_new
Reform
For the 24-hour economy policy to achieve its objectives and move beyond “business as usual”, its framers must revisit the principles outlined in the Ghana Beyond Aid Charter. A key requirement is the urgent need to reduce bureaucratic red tape and lower the cost of doing business in Ghana. Without addressing these fundamental challenges, the policy risks failing to deliver its intended impact.
Moreover, as emphasised in the Ghana Beyond Aid Charter, a strong and inclusive financial sector – with significant indigenous participation – is essential. Consider the implications of the government raising syndicated loans without involving local financial institutions. How then can we expect to finance our economic transformation sustainably?
True industrialisation requires not just capital, but ownership. When economic growth is primarily financed and controlled by external actors, its benefits often bypass local communities. The mining sector illustrates this clearly: relying heavily on foreign financing has not translated into significant poverty reduction or job creation for Ghanaians.
To ensure that industrialisation drives inclusive development, it must be both financed and largely owned by Ghanaians. The 24-hour economy policy in its current form lacks coherence on these critical drivers.
The writer, Dr Frank Bannor, is a senior research fellow for Africa Policy Lens (APL)
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