‘New economy is repackaged 24-hour economy’ – Manso Nkwanta MP

The proposed “new economy” being advanced by the government is largely a rebranding of the 24-hour economy policy, with the key difference being a shift towards public financing after efforts to attract private sector investment failed, the MP for Manso Nkwanta, Tweneboa Kodua Fokuo, has said.

He argued that the economic pillars underpinning the two initiatives were essentially the same, particularly their emphasis on export expansion, import substitution and accelerated national development.

Mr Fokuo, who is the Deputy Ranking Member of Parliament’s Economy and Development Committee, said the government appeared to be presenting the 24-hour economy agenda in a different form, with public funds now expected to play a more prominent role in its implementation.

Speaking on Joy News’ PM Express, ahead of the presentation of the 2027 Budget by the Finance Minister, Dr Cassiel Ato Forson, he questioned whether the proposed new economic direction represented a fundamental departure from the earlier policy.

“If you look at what is being described as a new economy, in reality, it is not different from the 24-hour economy,” he said.

He explained that the 24-hour economy, particularly its expanded “24-hour economy plus” component, had also been designed to accelerate development through increased exports and the replacement of imported goods with locally produced alternatives.

According to him, the pillars now being associated with the new economy closely mirror those previously outlined under the 24-hour economy programme.

The MP said a major challenge with the earlier initiative was its reliance on private sector financing, which, in his assessment, failed to attract the level of interest required to make the programme successful.

“It does seem that the 24-hour economy was positioned as a programme that would be financed by the private sector, and that could not materialise. The private sector had no appetite at all for the 24-hour economy programme,” he said.

Mr Fokuo argued that the government’s current approach appeared to be a re-presentation of the same policy, but with public financing taking centre stage.

He said the forthcoming 2027 Budget would provide an opportunity to examine the government’s proposed economic direction, including how it intended to finance its programmes and translate its policy ambitions into measurable outcomes.

The Finance Minister is expected to present the 2027 Budget Statement and Economic Policy to Parliament, setting out the government’s spending priorities, revenue measures and economic plans for the coming year.

Also read:

• We won’t borrow to fund New Economy – Finance Minister

• Minority demands funding details for government’s US$10bn New Economy programme