‘24-Hour economy is a national vision, not a political parlance’

24-Hour Economy Initiative

The Government announced the 24-hour economy initiative on Monday. This is not just political talk. It aims to transform Ghana’s economic landscape.

Dr. Ishmael Nii Amanor Dodoo leads the Innovative Finance at the 24-hour Economy and Accelerated Export Development Secretariat. He shared the strategic blueprint for this policy. It seeks to shift Ghana from an import-dependent economy to a self-sufficient one.

At the launch of the Ghana Investment Promotion Centre (GIPC) 24-Hour Premium Service in Accra, Dr. Dodoo called it a "citizen’s vision." This vision aims to reduce Ghana's reliance on imports, which currently make up 80% of goods and services.

The goal is for local products to dominate markets in Ghana. This includes food and textiles, enhancing food security and creating jobs. The initiative also aims to boost exports.

Dr. Dodoo highlighted that three non-Ghanaian entities control 80% of the economy. This dominance leads to job shortages, forex instability, and food inflation. He pointed out that Ghana spends one billion dollars annually on poultry and rice imports.

"When your plate of food enriches foreign producers more than local farmers," he said, "you lose money and food sovereignty."

The framework focuses on key agricultural value chains like cassava, rice, and soya beans. These are essential for driving industrial growth.

Dr. Dodoo mentioned cassava's potential for producing ethanol and starch as an example of local resources boosting manufacturing and job creation.

He expressed concern over low fabric production in Ghana. The country produces only 20 million yards annually but needs 100 million yards, importing the rest from China.

Additionally, he noted that Ghana's pharmaceutical sector could produce vaccines and antiretroviral drugs. However, unfavorable local conditions hinder manufacturers from doing so.