The Africa Development Council (ADC), a non-profit organisation focused on promoting sustainable industrial development in Africa, has called on President John Dramani Mahama to ensure the success of the proposed 24-hour Economy policy.
Dr Bright Atsu Sogbey, President, ADC, said the initiative if well implemented could be a crucial step towards Ghana’s economic self-reliance and industrialisation, stressing, “Economic self-sufficiency must be at the heart of this vision. Only then will it be transformative, fostering true growth and wealth creation for the nation.”
He said this in an interview with the Ghana News Agency on President Mahama’s recent statement on the subject. The President in his inaugural speech at the Black Star Square, Accra Tuesday said, “Our vision hinges on introducing and implementing a 24-hour economy. We envisage an innovative and vibrant 24-hour Ghanaian economy anchored in agriculture and agribusiness. This innovative approach will unlock dormant potential, enabling us to harness our people’s energy and creativity.”
Dr Sogbey underscored the need for the Mahama administration to make conscious efforts to ensure the ambitious and promising vision did not remain empty rhetoric but turn it into a concrete and actionable policy by collaborating with engineers, technicians, think tanks, and civil society. He noted that he agreed with the President that its success would depend on agriculture and agribusiness and, “crucially, on sectors like energy, security, and machinery manufacturing.”
The ADC President proposed that the 24-hour Economy policy must be State-led, and/or operated on the principle of Private Public Partnership, with a focus on developing local production capacities across all key sectors.
“Without a focus on local manufacturing, be it in tools, machinery, seeds, or essential agricultural inputs, we risk undermining the potential benefits of the 24-hour economy policy. The promise of economic growth will be hollow if critical components are continually imported, draining our wealth abroad.”
He referred to the President’s “made in Ghana” attire at his swearing-in ceremony, saying, while it looked impressive, the reality could be more telling.
“If the cost of the dress is GH¢3,000.00, only 20 percent stays in the country, representing the cost of local labour. The fabric, thread, buttons, zippers, and even the sewing machines used are all imported. As a result, over GH¢2,500 is spent outside the country. This illustrates a critical issue – we are exporting wealth rather than retaining it within our borders.”
“Similarly, for the agricultural and agribusiness sectors to thrive under the 24-hour economy policy, we must invest in local value chains. Relying on imported seeds, fertilizers, machinery, and processing equipment is unsustainable. We need to develop local capacity in seed production, machinery manufacturing, and equipment fabrication to keep the wealth generated by these industries within Ghana.
If we fail to build strong, local value chains in agriculture and other key sectors, we risk becoming mere labourers in our own economy—doing the physical work while the majority of profits leave the country. The 24-hour economy policy can only yield real and tangible benefits if it focuses on industrialisation and value addition around our natural resources within our borders,” Dr Sogbey said.
Source: GNA
