George Kweku Ricketts-Hagan, the Member of Parliament for Cape Coast South and a key member of Parliament’s Finance Committee, has called on the government to shift its focus to creating sustainable jobs as the next step in implementing the 24-hour economy policy.
Speaking to the media on the sidelines of the recent IMF and World Bank Group annual meetings in Bangkok, Thailand, Ricketts-Hagan, who also serves as Board Chairman of the Ghana Revenue Authority and is a former Deputy Finance Minister, emphasised that economic stabilisation alone is not enough; it must be accompanied by robust job creation, especially for Ghana’s growing youth population.
Launched in July 2025, the 24-hour economy policy aims to boost productivity, promote industrialisation, foster export-led growth, and create jobs by encouraging businesses to operate beyond traditional working hours. Ricketts-Hagan described the initiative as a long-term project requiring careful planning and noted that the newly established 24-hour Economy Secretariat has already put critical building blocks in place for its rollout.
“We probably did not comprehend the enormity of the initiative, but it’s not something that’s supposed to be short-term. It’s long-term, so it has to be planned properly. What the 24-hour Economy Secretariat has done is that they’ve put the building blocks in,” he explained.
His remarks come at a time when economic observers are raising questions about the proposed three-shift system—a core part of the policy, urging the government to take a phased approach and ensure annual budgetary support. Ricketts-Hagan agreed that the next phase must build on the current groundwork to achieve the policy’s goals of employment growth and economic expansion.
He identified reliable electricity, incentives for businesses, and access to ready markets as essential factors for the initiative’s success. While tax reductions could encourage companies to extend their hours, he cautioned that such measures would be ineffective without a dependable energy supply to power round-the-clock operations.
Ricketts-Hagan also pointed to broader strategies to combat youth unemployment, expressing optimism about the forthcoming $10 billion New Economy policy expected in 2027. He said the policy framework would leverage existing reforms and direct government investment into sectors with the greatest potential for targeted growth and job creation.
“I do not want to pre-empt the Finance Minister, but the New Economy will build on existing reforms and focus on growing the economy in a manner that creates sustainable employment,” he concluded.
Source: Apexnewsgh.com