Report By: Ishmael Barfi
The government is set to officially launch the 24-Hour Economy Initiative on July 2, 2025. This initiative aims to stimulate economic growth and development.
The private sector is expected to play a crucial role in its success.
In a recent media interaction in Accra, Abdul Nasser Alidu, Head of Strategy and Programmes at the 24-Hour Economy Secretariat, explained that the initiative is designed to create an environment that allows businesses to thrive.
“A significant part of our work with the 24-Hour Economy is to establish the environment and mechanisms that enable the private sector to leverage the macroeconomy we are developing,” he stated.
He emphasized that the financial strategy for the program is carefully designed to avoid adding pressure to the national budget. Instead, the focus is on attracting funding that does not burden the government’s fiscal resources.
Mr. Alidu noted that the Secretariat is actively seeking ways to bring in financing to support the private sector.
The 24-Hour Economy Initiative, a key campaign promise from the National Democratic Congress (NDC), has two primary objectives:
1. Tackling Unemployment: By promoting continuous, round-the-clock economic activity, the initiative aims to create jobs and stimulate economic growth.
2. Boosting Productivity: The initiative seeks to enhance productivity and drive economic growth by encouraging businesses to operate beyond traditional hours.
Regarding its implementation, Abdul Nasser Alidu indicated that the government is focused on ensuring the initiative’s success through:
– Private Sector-Led Growth: Encouraging participation and investment from the private sector.
– Innovative Financing: Exploring ways to attract funding that supports the private sector without overburdening the government’s fiscal resources.
The launch of the 24-Hour Economy Initiative is expected to mark a significant milestone in the country’s economic development, with potential benefits including increased economic activity, job creation, and improved productivity.
Source: www.thenewindependentonline.com
