The Ghana National Chamber of Commerce and Industry (GNCCI) has issued a stark warning that Ghana’s newly launched 24-Hour Economy policy could falter without urgent reforms to address the deep-rooted structural burdens faced by businesses.
Speaking on JoyNews’ PM Express on Monday, July 7, Mark Badu-Aboagye, Chief Executive Officer of GNCCI, said the policy’s success hinges not on political fanfare but on tackling persistent business constraints—especially the crippling cost of electricity and credit.
“This initiative cannot thrive in isolation from economic reality,” Badu-Aboagye cautioned, noting that despite recent macroeconomic gains like falling inflation, core issues remain unresolved. “Lowering inflation is necessary, but not sufficient to drive transformation.”
He stressed that the cost of credit and utilities—two of the most critical input costs—remain unbearably high for Ghanaian businesses, undermining any attempt to extend production hours or improve export competitiveness.
“In Ghana, manufacturers pay 12 to 15 cents per kilowatt hour. In competing countries, that cost is below five cents,” he said.
Even more troubling, Ghana’s policy rate of 28 percent translates into commercial interest rates of over 30 percent, a figure Badu-Aboagye says is simply incompatible with a thriving industrial base.
“No serious business can manufacture and remain competitive under this cost regime, let alone target international markets under AfCFTA,” he warned.
While the 24-Hour Economy initiative, championed by President John Mahama, aims to increase productivity and create jobs through round-the-clock operations, the GNCCI boss argued that such a plan requires more than just operational hours—it demands affordable power, credit access, and a competitive production environment.
“If the 24-hour economy is just for domestic consumption, we don’t need it. We already have enough capacity. The real challenge is competitiveness in export markets,” he noted.
He pointed out that unless Ghanaian products can match or beat those from countries like Egypt or Morocco on price and quality, the country stands to lose under the African Continental Free Trade Area.
“People won’t buy your product because it’s from Ghana or because of a slogan. They’ll buy it because it’s competitive.”
Badu-Aboagye concluded with a call to action: the government must now translate falling inflation and cedi gains into lower policy rates and utility costs—or risk turning a potentially transformative policy into a hollow political message.
“Let’s go beyond the headlines. Let’s ensure that these gains actually improve the cost environment for businesses. Otherwise, the 24-Hour Economy becomes just another catchy slogan with no substance.”
