Former Finance Minister Dr. Mohammed Amin Adam has cast doubt on the effectiveness of the National Democratic Congress’ (NDC) proposed 24-hour economy policy, arguing that it does not guarantee accelerated economic growth.
According to him, the 2025 budget presented by Finance Minister Dr. Cassiel Ato Forson failed to outline how the initiative would significantly impact Ghana’s industrial sector.
Addressing the press on March 13 in response to the budget, Dr. Amin Adam questioned the feasibility of the policy, stating that without substantial growth in the industrial sector, the initiative would struggle to succeed.
“It must also be noted that despite the hype about the 24-hour economy, the initiative that the NDC talks so much about does not promise to deliver accelerated growth in the economy because industry performance, as projected by them, is not promising.
“The budget estimates that the projected growth rate for the industry averages 5% between 2025 and 2027—it is in the budget. And if the 24-hour economy is going to work, we expect growth in the industry in particular to be higher than this.”
Dr. Amin Adam also criticized the absence of a clear implementation plan for the policy in the 2025 budget.
“We know that since the budget was presented, there is no programme in the budget on the 24-hour economy. The minister himself said they will launch it soon. If it is not in the 2025 economic policy and budget statement, then it is not for 2025.
“It means no money is devoted to it. So, Ghanaians will have to wait until 2026 if we are lucky to have any hope of seeing how these campaign slogans translate into jobs.”
Drawing a comparison with the New Patriotic Party’s (NPP) swift rollout of the Free Senior High School (SHS) policy after the 2016 elections, Dr. Amin Adam questioned the NDC’s commitment to implementing its flagship policy.
“The NDC, as you know, campaigned on the 24-hour economy, and yet they are in no hurry to deliver on it. The NPP campaigned in 2016 on Free Senior High School, and it was delivered in Akufo-Addo’s first budget in 2017.”