Show $4bn 24-Hour Economy results, explain $10bn funding

By ELVIS DARKO, Accra

The Minority in Parliament has mounted a fresh challenge to the government’s economic agenda, demanding a full account of the implementation and financing of its flagship 24-Hour Economy programme before it unveils the proposed four-year “New Economy” transformation plan in the 2027 Budget.

The Caucus says the government must explain how much money has actually been mobilised and spent, how many jobs have been created, what investments have been secured and which businesses have benefited from the incentives promised under the 24-Hour Economy initiative.

It is also demanding disclosure of the financing arrangements for the proposed New Economy, warning that the government risks replacing one catalogue of ambitious promises with another without demonstrating the revenue capacity and policy discipline required to deliver them.

The Ranking Member on Parliament’s Finance Committee and former Finance Minister, Dr Mohammed Amin Adam, made the demands at a media briefing on Tuesday, November 10, ahead of the presentation of the 2027 Budget Statement and Economic Policy.

He argued that the central question was not whether Ghana needed a new economic direction, but whether the government had accounted for its existing commitments and demonstrated that it could finance and implement another major transformation programme.

“Ghanaians deserve more than another catalogue of promises. They deserve a credible plan, backed by realistic financing, measurable outcomes, and accountability for results,” he said.

“Before announcing a new economy, the government must first account for the promises of the old one.”

Finance Minister Dr Cassiel Ato Forson is expected to present the 2027 Budget under the theme “New Economy”, setting out the government’s proposed economic priorities and transformation agenda.

The Minority’s concerns centre on the financing gap it says has emerged between the government’s original commitments under the 24-Hour Economy and the resources made available for implementation.

Dr Amin Adam recalled that the programme, launched in July 2025, was designed around an investment target of US$4 billion, with the government expected to provide between US$300 million and US$400 million in seed capital.

It was also projected to create 1.7 million jobs by the end of 2028 through the “One Job, Three Shifts, Three Workers” model.

But he questioned how much of the US$4 billion had actually been raised, how much had been disbursed and what concrete results had been achieved, particularly when the 2026 Budget provided only GH¢110 million for the programme.

He said the government must publish evidence of the investments mobilised, projects undertaken and jobs created rather than rely on investment announcements and financing commitments as proof of implementation.

He specifically questioned the government’s reliance on joint development agreements reportedly valued at US$5.5 billion, arguing that such agreements should not be counted as funds mobilised and disbursed until the money had been secured and deployed.

The Minority also raised concerns about the re-designation of the proposed 24-Hour Economy markets as district economy markets.

Dr Amin Adam said the change had affected the original implementation schedule, with the markets initially expected to be completed in 2026 now reorganised into two phases, with completion projected for 2028.

Tax incentives under scrutiny

Beyond the programme’s overall financing, the Minority wants the government to account for the tax concessions and other incentives it promised businesses to encourage round-the-clock production.

Under the original 24-Hour Economy framework, companies operating three shifts were promised a 50 per cent tax rebate, while those running two shifts were to receive a 25 per cent rebate.

Other incentives included import duty waivers on machinery, discounted night-time electricity tariffs and round-the-clock clearance of goods at the ports.

Dr Amin Adam demanded to know whether the proposed tax incentives had been submitted to Parliament for approval, how many companies had been certified to benefit and the total revenue the state had forgone through the concessions.

He also questioned whether the promised Time-of-Use electricity tariff had been implemented for businesses operating at night and demanded publication of the full list of beneficiary companies.

The Minority said the government could not announce further incentives in the 2027 Budget without first accounting for the concessions already promised to the private sector.

“The Government must account for the implementation of the tax incentives it promised the private sector under the original 24-Hour Economy before it talks about new incentives in the 2027 Budget,” Dr Amin Adam said.

US$10bn New Economy funding questioned

The Minority’s demand for accountability extends to the proposed New Economy programme, which President John Dramani Mahama has presented as a major investment drive to transform the economy between 2027 and 2030.

The President has announced an investment target of more than US$9 billion in job-rich sectors over the four-year period, while other government communications have referred to a US$10 billion New Economy agenda.

Dr Amin Adam challenged the government to explain how it intends to raise the required resources, the proportion expected from the national budget, the contribution anticipated from private investors and development partners, and the mechanisms through which the funds would be channelled into projects.

He warned that the new programme could suffer the same implementation difficulties as the 24-Hour Economy if the government failed to establish a credible financing framework.

He also questioned the government’s reliance on the additional one percentage point of GDP in fiscal space arising from the proposed reduction of the primary balance target, from 1.5 per cent to 0.5 per cent of GDP.

According to him, the additional fiscal space does not represent money coming from an external source but would depend on the government’s ability to generate and collect revenue from the economy.

The Finance Minister, Dr Cassiel Ato Forson, has said the New Economy programme will not be financed through additional government borrowing.

He has outlined increased domestic revenue and savings from fiscal consolidation as funding sources, including an allocation of 1.5 per cent of GDP annually for the programme.

The Minority, however, wants the government to provide the detailed figures and financing arrangements behind those commitments, including how much additional revenue it expects to collect and how the proposed spending will be sustained without undermining other budgetary priorities.

Revenue concerns and cost of living

Dr Amin Adam further questioned whether the government’s revenue performance could support the scale of investment envisaged under the New Economy.

He argued that weak revenue mobilisation had already constrained the implementation of flagship programmes, raising doubts about the government’s capacity to finance an even more ambitious economic transformation agenda.

He cited concerns among traders over weak sales, farmers struggling to find buyers for their produce and cocoa farmers facing reductions in producer prices as evidence of the economic pressures confronting households and businesses.

He also questioned the gap between headline inflation and the cost-of-living experience of ordinary Ghanaians, arguing that falling inflation figures did not necessarily mean that households were experiencing a corresponding reduction in their financial burdens.

On public sector wages, he criticised the government’s salary adjustments, contrasting the 10 per cent increase in 2025 and the 9 per cent adjustments cited for 2027 and 2028 with the nearly 30 per cent adjustment in 2024.

He argued that the government’s economic performance should be assessed not only through macroeconomic indicators but also through the impact of its policies on household incomes, business activity and purchasing power.

Dr Amin Adam warned that without stronger revenue performance and a transparent funding plan, the New Economy could become another ambitious policy announcement that fails to translate into the promised investments and jobs.

He said the government must provide measurable targets, credible financing arrangements, implementation timelines and clear accountability mechanisms to enable Parliament and the public to monitor delivery.

The 2027 Budget, scheduled for presentation by Dr Ato Forson on November 12, is expected to provide the government’s detailed economic priorities and funding arrangements for the New Economy programme.

For the Minority, however, the central demand is that the government should not use the new economic agenda to move attention away from the outstanding questions surrounding the 24-Hour Economy.

It insists that before asking Ghanaians to embrace another major economic programme, the administration must account for the money promised, the incentives announced, the investments secured and the jobs delivered under the existing initiative.