Former Deputy Finance Minister and Member of Parliament for Obuasi West, Kwaku Kwarteng, has called on the government to abandon the 24-hour economy policy, describing it as political rhetoric that was never properly thought through.
“I think the 24-hour economy is not a policy that we should even spend time discussing. We should abandon this 24-hour economy immediately.”
Speaking in an interview on JoyNews’ AM Show on Thursday, January 8, Mr Kwarteng said the idea entered the political space as a campaign message rather than a serious economic policy.
“I think it got into the NDC campaign as rhetoric. The media latched on to it, politics drove it into the mainstream campaign, and now the government is pretending that it is a credible policy.”
He questioned the lack of clarity surrounding the policy, arguing that its meaning remains undefined.
“Nobody has been able to tell us clearly what a 24-hour economy means. My government says it will provide a 24-hour economy. What is it? So far, the explanations have not been satisfactory.”
Mr Kwarteng said there is no need for government intervention to compel businesses to operate around the clock.
“There is no such thing as a 24-hour economy if you create the right environment for the private sector. If there is demand for services, businesses will operate 24 hours naturally.”
Instead, he urged the government to prioritise policies that support private sector growth.
“Let us focus on infrastructure that will allow businesses to run properly. Let us focus on credit to the private sector and the stability of the economy,” he said.
He warned against any attempt to legislate the policy, describing such a move as unrealistic and potentially harmful.
“To legislate and force businesses to operate at night, what is that?” he asked. “Are we going to force people to do business?”
Mr Kwarteng stressed that Ghana faces serious economic challenges that require difficult but necessary reforms rather than political slogans.
“The global economy is becoming more competitive and more hostile for economies like ours. We need serious reforms on both the revenue and expenditure sides.”
He added that such reforms would require frank engagement with organised labour and the public.
“These are hard reforms. You will face opposition, and you must sit down and have serious discussions.”
Mr Kwarteng concluded by urging the government to move away from political messaging and focus on stabilising the economy.
“There are serious things the government must do to give this economy a future. We should stop the rhetoric and focus on the real work.”
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