Private sector wants 24-hour economy policy tied to PPA framework

As Ghana continues to navigate its path toward economic recovery and growth, the private sector is advocating for the implementation of the 24-hour economy policy to be aligned with the country’s industrial policy and the regulatory framework established by the Public Procurement Authority (PPA).

This will prevent contracts from being awarded solely to government favourites or politically connected companies and create fair competition among businesses to help 
boost productivity and create more jobs.

At the KPMG Post-Budget Event, the president of the Association of Ghana Industries (AGI), Dr Humphrey Ayim-Darke, called for a national effort to implement a 24-hour economy in Ghana.

Forum

Speaking during a panel discussion at the KPMG Post Budget Forum in Accra on Thursday, Dr Humphrey Ayim-Darke, stressed the need for the 24-hour economy policy to be part of a comprehensive strategy that supports industrial growth, rather than being implemented as a standalone initiative.

The event, organised in collaboration with the United Nations Development Programme (UNDP) Ghana, on the theme: “Resetting the Economy for the Ghana we want”, brought together industry players, policymakers, international organisations, civil society and academia to discuss the 2025 Budget and Economic Policy Statement of the government presented to Parliament last Tuesday and its impact on the business community.

Measuring success

He cited the One District, One Factory (1D1F) policy as a lesson in how isolated initiatives may fall short of their full potential.

“We pray for a conscious effort to tailor the 24-hour economy to Ghana’s industrial policy. It should not be isolated like the 1D1F. As the private sector, we are determined to support the government through this process and execute a clear agenda.

Let the 24-hour economy be tied to the PPA conditions we have set so that we can use public funds through social interventions to transform the industrial sector,” Dr Ayim-Darke said.

He added that the industrial transformation necessary to drive Ghana’s recovery and long-term growth must be measured by tangible outcomes.

“The success of industrial transformation would be measured by tangible outcomes such as the number of factories built under government initiatives,” he added.

The Country Managing Partner for KPMG Ghana, Andy Akoto, said as the country steers its economic future, policy-making and evidenced-based reforms will be key to balancing revenue needs with sustainable inclusive development.

He added that KPMG was ready to support the government in offering its expertise and network to design policies, strengthen systems and forge partnerships that will deliver economic prosperity for the people of Ghana.

In a speech read on her behalf, the Deputy Resident Representative of UNDP Ghana, Fati Attahiru, said the optimism expressed by business leaders about Ghana’s economic recovery was encouraging. 

"However, that also comes with high expectations for bold, pragmatic policy actions that will lead to sustainable and inclusive economic transformation," she said.