Franklin Cudjoe, Chief Executive Officer of the Imani Centre for Policy and Education, has questioned the lack of a clear implementation plan for the much-touted 24-hour economy policy in the 2025 Budget Statement and Economic Policy.
In a radio interview with Asempa FM on March 11, 2025, after Finance Minister Dr Cassiel Ato Forson presented the budget to Parliament, Mr Cudjoe acknowledged that the budget was well-structured and easy to understand, but expressed concerns about its effectiveness in addressing Ghana’s economic challenges, particularly unemployment.
“The budget was clear, well-presented, and free of superfluous jargon. However, when you look at the details, particularly in terms of job creation, the interventions are too minor to have a significant influence on unemployment,” he said.
Mr. Cudjoe expressed concern with the absence of specific facts about the 24-hour economy, which was intended to be a crucial component of the Mahama administration’s economic recovery strategy.
“The President and his administration have discussed the 24-hour economy, but there is little in the budget to describe how it will operate. We expected clear policy guidelines, cash guarantees, and commercial incentives, but instead we received a promise that a document would be produced later,” he stated.
He cautioned that without well-defined policies and incentives, businesses may struggle to adapt to a 24-hour operational model, reducing the initiative’s impact.
Beyond the 24-hour economy, Mr. Cudjoe questioned the efficiency of the government’s employment efforts, such as the Ghana Labour Export Programme, the Women’s Development Bank, and the National Apprenticeship Programme.
“These aren’t horrible policies, but they’re modest. They are unlikely to have a big impact on the current unemployment situation. “If we are serious about job creation, we need larger, well-funded interventions,” he contended.
He emphasized that, while controlled labor migration may provide temporary respite, Ghana’s long-term answer must be based on domestic industry expansion and a business-friendly climate.
Mr. Cudjoe also discussed the government’s new social initiatives, which include free tertiary education for those with impairments, free sanitary pads for schoolgirls, and an increase in the school meal budget. He described these as excellent but questioned their financial viability.
“These interventions are concrete and easy to follow, but the main question is: where does the money come from? The government claims it is not raising taxes but are we reducing waste enough to sustain these policies?” he inquired.
He encouraged the government to create a clear financial framework to ensure that these social programs do not fail owing to financing shortages.
Despite his reservations, Mr. Cudjoe noted that the budget avoided excessive taxation and was presented in a manner that Ghanaians could understand.
“This is one of the few budgets that an average Ghanaian can understand. It is well-organized and presents information clearly. However, beyond the clarity, the substance of several policies is still a source of concern,” he continued.
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