24-Hour Economy lacks sound financial framework – CPS

The Centre for Policy Scrutiny (CPS) has raised serious concerns about the government’s flagship 24-Hour Economy and Accelerated Export Development Programme (24H+), warning that it lacks sound financial modelling and a credible implementation framework to sustain its ambitious targets.

In a new policy review titled “The 24-Hour Economy and Accelerated Export Development Programme: A Critical Review”, CPS said that although the initiative represents a bold attempt to transform Ghana’s production structure and boost exports, its financial assumptions and execution strategy are weak and risk undermining its success.

The think tank, led by economist Dr. Adu Owusu Sarkodie, cautioned that government’s estimated cost of US$4 billion does not reflect the true fiscal burden of the programme. It said several components—including tax incentives, infrastructure subsidies, and public investments—have not been fully costed, creating uncertainty about how the programme will be financed over the medium term.

“The financial underpinnings of the 24H+ are not sufficiently developed,” said Dr. Adu Owusu Sarkodie, lead author of the review. “Without detailed cost estimates, phased fiscal planning, and a clear funding strategy, the programme’s credibility and sustainability remain in doubt.”

CPS further observed that Ghana’s current fiscal environment, marked by low public investment averaging below three percent of GDP, is inconsistent with the large-scale infrastructure and industrial projects envisioned under the 24H+. The report warned that heavy reliance on private sector mobilisation could prove unrealistic unless backed by strong incentives, regulatory clarity, and investor confidence.

The think tank also criticised the absence of robust implementation metrics and measurable performance indicators. It noted that while the 24H+ promises to create five million jobs by 2034 and sustain a six percent annual GDP growth rate, the framework provides no detailed roadmap on how these outcomes will be achieved or tracked.

“Ambition alone will not deliver results. Ghana needs a practical model that links targets to resources, timelines, and accountability mechanisms.”

CPS added that the programme’s lack of integration into the National Development Planning Commission’s (NDPC) medium-term framework poses further risks of duplication and weak coordination. It recommended that the government embed the 24H+ into the national planning and fiscal structure to ensure coherence, eliminate policy overlaps, and strengthen institutional accountability.

Despite its criticisms, CPS acknowledged that the 24H+ offers a well-conceived vision for economic transformation if managed prudently. It praised the programme’s emphasis on agro-industrialisation and regional development, particularly the plan to transform the Volta Basin into a major agro-industrial and logistics corridor.

“The 24-hour economy idea remains a potentially powerful framework for growth,” Dr. Sarkodie said. “But it must be grounded in sound financial modelling, realistic costing, and disciplined execution to achieve its promise.”

CPS concluded that without fiscal realism and a credible implementation plan, the 24-hour economic programme risks joining the list of past development strategies that began with fanfare but faltered at delivery.