The National Democratic Congress (NDC) government’s flagship 24-hour economy policy is facing significant implementation challenges, with questions emerging about whether the strategy can deliver its expected outcomes of job creation and sustainable economic growth.
Executive Director of the African Institute of Strategic Studies, Prof. Jonathan Asante Otchere, says the policy’s implementation framework appears inadequate to support its ambitious objectives, urging the government to reconsider aspects of the programme to ensure its effectiveness.
Speaking on Adekyee Mu Nsem, a morning show on Ahotor 92.3 FM hosted by Alexander Nana Dogbey, Prof. Asante Otchere argued that public concerns suggesting the government is not spending do not necessarily reflect the actual situation.
He explained that the government’s development agenda places considerable emphasis on capital expenditure and infrastructure projects, particularly under its Big Push programme, while the services sector appears to be receiving comparatively less financial support.
According to him, although the government’s fiscal policy, infrastructure investments, efforts to contain inflation and measures to maintain economic stability have helped put the economy on a sounder footing, more attention must be given to the broader structure of the economy.
Prof. Asante Otchere stressed the need for a reassessment of the country’s development approach, arguing that changes in the development paradigm have affected the structure and growth potential of the economy.
He maintained that government should not necessarily assume the role of a direct business operator but should create an enabling environment for private sector participation, investment and job creation.
He further called for a review of the financing arrangements underpinning the government’s development agenda, emphasising the need for sustainable funding mechanisms that can support economic transformation and create employment opportunities for the country’s growing number of unemployed young people.
He believes that rethinking the policy’s implementation strategy and strengthening its financing framework will be critical to ensuring that the 24-hour economy initiative delivers its intended benefits.