2025 Budget: Concerns Raised Over Continued Lack Of Clarity On 24-Hour Economy Policy

• Some concerns have been raised about the continued lack of clarity from Ghana's government on the 24-hour economy policy
• Finance Minister Cassiel Ato Forson said the government would present the proposed policy to Parliament in due course
• The 24-hour economy would be anchored on President John Mahama’s vision to create more sustainable jobs for Ghanaians

Following the 2025 budget, some concerns have been raised about the continued lack of clarity and timelines on the 24-hour economy policy.

For example, the President of IMANI Africa, Franklin Cudjoe questioned the absence of a clear implementation plan for the much-touted policy.

He gave a positive review of the budget but said there were still gaps that needed addressing.

Cudjoe further questioned the lack of clear policy guidelines and funding commitments.

“The President and his government have spoken about the 24-hour economy, but there is little in the budget that explains how it will work.”

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“These are not necessarily bad policies, but they are modest. They are unlikely to make a major impact on the unemployment crisis we face. If we are serious about job creation, we need bigger, well-funded interventions."

In the 2025 budget, Finance Minister Cassiel Ato Forson said the government would be presenting the 24-Hour Economy policy to Parliament in due course.

This policy would contribute to addressing Ghana’s structural economic challenges by creating an integrated, efficient and increasingly export-driven industrial economy that fully utilises our national resources, capital and labour power.

Right after the 2025 budget presentation, Minority Leader Alex Afenyo-Markin accused Forson of excluding the 24-hour economy policy from the 2025 budget.

"The youth of this country have been waiting for this 24-hour economy policy, and the minister comes here to tell us that the policy will be brought later?"

Shamima Muslim, the Deputy Presidential Spokesperson, reminded that the finance ministry was not the implementing agency of the 24-hour economy.

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"Just last week, the President met Goosie Tanoh and his team to get an update on what they are doing to roll out that project as well as the accelerated programme."

David Amoateng, the President of the Traders Advocacy Group, told YEN.com.gh that the government needed to focus on creating an enabling environment for businesses.

“I see the 24-hour economy as a byproduct of a good economy. You can’t force the 24-hour economy on anyone.”

What is Mahama's 24-hour economy plan?

The National Democratic Congress (NDC) unveiled the ambitious 24-hour economy policy proposal ahead of the general elections in 2024.

The 24-hour economy would be mainly anchored on President John Mahama’s overarching vision to create sustainable jobs for Ghanaians.

The government said this would be achieved through his agenda to modernise and mechanise agriculture, provide incentives for the private sector to thrive, promote agro-processing and manufacturing, and transform Ghana into an import substitution and export-led economy, among others.

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Businesses and companies that wish to take advantage of the incentive packages under the policy, will be required to voluntarily sign onto the 24-hour economy policy.

Nuisance taxes removed from budget

YEN.com.gh reported that Forson announced the scrapping of the controversial Electronic Transfer Levy during the 2025 budget.

The betting tax and emissions levy were also among some Nana Akufo-Addo administration taxes announced to be scrapped.

Forson also said there would be major VAT reforms, including the scrapping of the levy for COVID-19 but did not give any timelines.

Proofreading by Bruce Douglas, copy editor at YEN.com.gh.

Source: YEN.com.gh