The President of the Federation of Ghanaian Exporters, Davies Korboe, has called for the proposed 24-Hour Economy policy to prioritise value addition in order to make a meaningful impact on Ghana’s economic transformation.
Speaking on PM Express on Joy News, Mr. Korboe emphasised that while the idea of a 24-hour economy holds promise for boosting productivity and job creation, it must be strategically designed to enhance local manufacturing and processing of raw materials, rather than just extending business hours.
“A 24-hour economy that simply keeps shops open longer won’t change much,” he said. “We must use this opportunity to strengthen our capacity to add value to what we produce – especially in agriculture and natural resources. That is how we’ll create real jobs and earn more from exports.”
Mr. Korboe warned that without a clear focus on industrialisation and export development, the policy risks becoming a populist initiative with limited economic returns.
He also urged policymakers to engage key stakeholders, including exporters, manufacturers, and industry associations, to ensure the design and rollout of the 24-hour economy reflect the needs and realities of the private sector.
“If we’re serious about competing globally, then we need to process our cocoa, our shea, our gold, our timber not just export them raw. That’s the game changer,” he added.
The 24-Hour Economy policy has become a key topic of national discussion in recent months, with government officials touting it as a means to drive economic recovery and reduce unemployment.
Mr. Korboe’s comments add to growing calls for the initiative to be grounded in long-term economic planning and industrial growth
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