By Patrick Ofoe Nudzi
Accra, Aug. 24, GNA – Mr Abdul-Nasser Alidu Suglo, Chief Programme Officer, 24-Hour Economy Secretariat, says the programme was designed to restructure Ghana’s economy through industrialisation, export promotion and job creation.
He said the programme should not be misconstrued as simply requiring businesses and shops to operate 24 hours a day, but as a catalyst for building an economy that works for everyone.
Speaking at a 24-Hour Economy Media Engagement in Accra, Mr Suglo said the programme was both a destination and a mission, with the ultimate goal of increasing capacity utilisation to levels where businesses would need to operate in shifts to meet demand.
He said industrialisation would enable Ghana to add value to its raw materials and produce locally many of the goods currently imported, while export promotion would help the country become competitive locally and internationally.
Mr Suglo said increased production and competitiveness would generate the foreign exchange needed to import machinery and intermediate goods required to further develop the economy.
He said the need for a new growth model was underscored by the structure of Ghana’s exports, with about 80 per cent concentrated in three commodities—gold, cocoa and oil—leaving the economy heavily dependent on primary commodity exports.
Mr Suglo said Ghana also remained highly import-dependent, noting that the country spent GH¢39 billion on food imports in 2024, with several major imports being consumption goods rather than inputs for production.
He said the challenge was compounded by the economy’s inability to adequately translate economic growth into jobs, with employment elasticity of output currently estimated at about 0.29 per cent.
“This means for every 10 per cent growth in the economy, you are only seeing jobs grow by about three per cent,” he said, describing the situation as inefficient.
Mr Suglo said the structure of the economy also exposed producers to declining purchasing power when compared with the rising cost of manufactured imports.
He said the evidence underscored the need to move beyond the export of raw commodities and build a productive economy capable of adding value, creating jobs and generating sustainable wealth for Ghanaians.
GNA
Edited by Kenneth Sackey
Reporter: Patrick Ofoe Nudzi