By Jibril Abdul Mumuni
Accra, April 14, GNA – The Government on Monday said the 24-hour economy initiative is not a mere political rhetoric, but a transformative national vision aimed at structurally reshaping Ghana’s economic landscape.
Dr Ishmael Nii Amanor Dodoo, the Head of the Innovative Finance at the 24-hour Economy and Accelerated Export Development Secretariat, outlined the strategic blueprint of the policy, stressing its potential to transitioning Ghana from an import-dependent economy to a self-sufficient, production-driven one.
Speaking at the launch of the Ghana Investment Promotion Centre (GIPC) 24-Hour Premium Service in Accra, Dr Dodoo described the 24-hour economy as a ‘‘citizen’s vision” designed to reverse Ghana’s reliance on imports, which currently account for 80 per cent of goods and services.
The policy aims for a future where Ghanaian markets are dominated by locally produced items, from food to textiles, enhancing food security, creating jobs, and boosting exports.
Dr Dodoo noted that just three non-Ghanaian entities dominated 80 per cent of the economy, leading to job shortages, forex instability, and food inflation.
He pointed to the one-billion-dollar annual import bill for poultry and rice alone as a drain on national resources.
“When your plate of food enriches foreign producers more than local farmers, you lose not just money but also food sovereignty,” he said.
The 24-hour economy framework prioritises strategic agricultural value chains such as cassava, rice, and soya beans, to spur industrial growth.
Dr Dodoo cited cassava’s potential for ethanol and starch production as an example of how local raw materials could drive manufacturing and job creation.
He bemoaned the low level of fabrics produced in Ghana, saying the country produced only 20 million yards of fabric annually despite a 100-million-yard demand, with the rest imported from China.
Ghana’s pharmaceutical sector could produce vaccines and antiretroviral drugs, however unfavourable local conditions prevented the manufacturers from doing so, he noted.
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