We await specific details on the 24-Hour economy policy – Deloitte tells govt

Deloitte has expressed interest in further details on the Mahama administration’s proposed 24-hour economy policy, which aims to enhance productivity by encouraging businesses to operate around the clock.

The policy, highlighted in the 2025 Budget Statement by Finance Minister Dr. Cassiel Ato Forson, is expected to be formally presented to Parliament for approval.

While acknowledging the policy’s potential to create jobs and foster economic growth, Deloitte noted that they are also awaiting details on the government’s procurement strategy to drive local growth and the "Big Push" initiative, a $10 billion infrastructure development plan.

The firm reiterated concerns about Ghana’s current debt status, particularly within the energy sector, emphasizing the need for fiscal responsibility to ensure debt sustainability.

Deloitte also supported the government’s efforts to cut expenditure, stating that such measures could help restore investor confidence and macroeconomic stability. However, they cautioned that aggressive fiscal tightening could slow economic growth in the short term.

Deloitte further highlighted the importance of reversing Ghana’s high budget deficits, which averaged 7.5% between 2021 and 2024, while navigating the IMF Economic Credit Facility program. The firm also welcomed the government’s plan to reform the VAT system and realign import duties to support business growth and job creation.