The feasibility of the proposed 24-hour economy policy by the President Mahama administration has been called into question by former Finance Minister, Dr. Mohammed Amin Adam. He argues that the 2025 Budget lacks a concrete implementation plan, despite the policy being a cornerstone of the government’s campaign promises and its purported aim to bolster job creation and productivity across various sectors. Dr. Amin Adam points to the absence of a dedicated program outlining the policy’s execution within the budget, which consequently implies a lack of allocated funding to support its realization. This omission, he claims, renders the government’s commitment to the initiative dubious and raises concerns about its actual potential to generate employment opportunities.
Dr. Amin Adam’s critique centers on the disconnect between the government’s pronouncements and the budgetary provisions. While the 24-hour economy concept is mentioned in the budget, it lacks the necessary details regarding its practical implementation. This absence of a structured plan, he argues, reveals a lack of seriousness on the part of the government. Furthermore, the lack of allocated funds raises questions about how the policy will be financed and operationalized. Without a clear roadmap and financial backing, the policy risks remaining a mere political slogan rather than a tangible economic strategy.
The former Finance Minister further challenges Finance Minister Dr. Ato Forson’s assertion that the initiative will be launched later in 2025. He argues that a launch without corresponding budgetary support is meaningless and questions how the policy can be implemented without the necessary financial resources. Dr. Amin Adam contends that launching the initiative without funding would essentially postpone its actual implementation until the 2026 budget, further delaying its potential benefits and casting doubt on the government’s sincerity in pursuing this policy. He characterizes this approach as deceptive, particularly concerning the promise of job creation, which is a central justification for the 24-hour economy concept.
The core of Dr. Amin Adam’s argument rests on the fundamental principle of budgetary responsibility. He posits that any serious policy initiative requires a detailed plan outlining its implementation strategy, including specific timelines, targets, and, crucially, the financial resources required to achieve its objectives. The absence of these elements in the 2025 Budget, he contends, renders the government’s pronouncements about the 24-hour economy hollow and raises questions about its commitment to actually delivering on its promises. He sees the lack of a concrete plan and allocated funding as a significant flaw in the budget and a potential disservice to the citizens who were led to believe in the policy’s potential for economic growth and job creation.
The debate surrounding the 24-hour economy policy highlights the importance of budgetary transparency and accountability. A well-defined budget should not merely mention policy goals but also provide a clear roadmap for their achievement, including specific programs, timelines, and financial allocations. This level of detail allows for proper scrutiny and evaluation, ensuring that public resources are used effectively and that government commitments are translated into tangible outcomes. The absence of such details in the 2025 Budget concerning the 24-hour economy policy fuels skepticism about the government’s true intentions and raises concerns about its ability to deliver on its promises.
Ultimately, the controversy surrounding the 24-hour economy policy underlines the need for a more robust and transparent budgetary process. A comprehensive budget should not merely list aspirational goals but also provide a detailed blueprint for their realization, including specific implementation plans and allocated resources. This approach promotes accountability and ensures that public funds are used judiciously to achieve the promised outcomes. Without such clarity and transparency, policies like the 24-hour economy risk becoming empty promises, undermining public trust and hindering genuine economic progress. The ongoing debate serves as a reminder of the crucial role of a detailed and transparent budget in fostering effective governance and delivering real economic benefits to the citizens.
