“Ghana’s 24-Hour Economy Policy: A Catalyst for Transformation and Growth”
"Ghana's 24-Hour Economy Policy: A Catalyst for Transformation and Growth"
“Ghana’s 24-Hour Economy Policy: A Catalyst for Transformation and Growth”
The Institute of Directors Ghana (IoD-Gh) recently hosted a discussion on the 24-Hour Economy Policy, with Dr. Alfred Braimah, CEO of IoD-Gh, delivering a presentation on “Navigating Risk and Seizing Opportunities in the 24-Hour Economy Policy.” The policy aims to transform Ghana’s economy by promoting productivity, competitiveness, and inclusive growth.
Dr. Braimah emphasized that the 24-Hour Economy Policy is a holistic approach to transform Ghana’s economy, with eight value chain sub-programmes that cut across sectors. The policy is designed to promote sustainable growth, ethical leadership, and long-term success.
Dr. Braimah highlighted the importance of governance frameworks and investment oversight in supporting sustainable growth and ethical leadership. He noted that effective governance frameworks should include clear policies, regulations, and procedures, independent oversight bodies, regular monitoring and evaluation, and stakeholder engagement.
The successful implementation of the 24-Hour Economy Policy is expected to deliver several benefits, including increased investor confidence, improved risk management, enhanced reputation, sustainable economic growth, and better alignment with societal values.
Research on the impact of the 24-Hour Economy Policy on Ghana’s economic landscape found that the policy would lead to significant economic growth, job creation, and increased household incomes. The research concluded that Ghana’s real GDP growth would be 31.71% higher than it would have been under a “business-as-usual” scenario, and that the policy would generate more than 3 million jobs within five years of its implementation.
:Recommendations:
Dr. Braimah made several recommendations for the successful implementation of the policy, including:
1.Establishing clear policies, regulations, and procedures for each value chain sub-programme
2.Establishing independent oversight bodies to monitor performance and compliance
3.Instituting a system of regular monitoring and evaluation
4.Instituting a system of stakeholder engagement
5.Arranging a visit to State of Pernambuco in Brazil to learn from their experience
6.Urgently establishing the 24-hour economy Secretariat to coordinate implementation
The 24-Hour Economy Policy has the potential to transform Ghana’s economy and promote sustainable growth and development.
Effective governance frameworks and investment oversight are critical to the successful implementation of the policy. With careful planning and implementation, Ghana can unlock its potential for growth, innovation, and sustainable development.
Story by Fada Amakye from Daily Sun online
