Kwaku Kwarteng urges Gov’t to drop 24-hour economy and focus on real economic reforms

Former Deputy Finance Minister and Member of Parliament for Obuasi West, Kwaku Kwarteng, has called on the government to abandon the controversial 24-hour economy initiative, describing it as political rhetoric that was never properly conceptualized or thought through.

Hon. Kwaku Kwarteng dismissed the policy, urging the government to shift attention to more practical economic strategies.

“I think the 24-hour economy is not a policy that we should even spend time discussing. We should abandon this 24-hour economy immediately,” he said.

According to Mr. Kwarteng, the concept entered public discourse not as a serious policy but as a campaign message. “I think it got into the NDC campaign as rhetoric. The media latched on to it, politics drove it into the mainstream campaign, and now the government is pretending that it is a credible policy,” he explained.

Lack of Clarity Undermines Credibility of the Policy

The former minister questioned the ambiguity surrounding the initiative, pointing out that no clear definition or framework has been provided.

“Nobody has been able to tell us clearly what a 24-hour economy means. My government says it will provide a 24-hour economy. What is it? So far, the explanations have not been satisfactory,” Mr. Kwarteng noted.

He emphasized that the success of round-the-clock business activity depends largely on market forces rather than government mandates. “There is no such thing as a 24-hour economy if you create the right environment for the private sector. If there is demand for services, businesses will operate 24 hours naturally,” he said, highlighting that forcing such a policy could prove unnecessary and counterproductive.

Prioritizing Private Sector Growth Over Political Slogans

Mr. Kwarteng urged the government to concentrate on policies that directly support private sector growth, suggesting that sustainable economic progress is more likely to come from creating the right conditions for businesses rather than imposing regulations.

“Let us focus on infrastructure that will allow businesses to run properly. Let us focus on credit to the private sector and the stability of the economy,” he said.

He warned against any attempt to legislate compulsory night-time operations for businesses, describing such a move as unrealistic and potentially harmful to the private sector. “To legislate and force businesses to operate at night, what is that? Are we going to force people to do business?” he questioned.

Addressing Real Economic Challenges Requires Serious Reforms

The former finance minister stressed that Ghana faces significant economic challenges that require difficult but necessary reforms. He argued that the government should move beyond political messaging and focus on practical, structural changes.

“The global economy is becoming more competitive and more hostile for economies like ours. We need serious reforms on both the revenue and expenditure sides,” he said.

Mr. Kwarteng also emphasized the importance of engaging with organised labour and the public to navigate these reforms. “These are hard reforms. You will face opposition, and you must sit down and have serious discussions,” he noted, stressing the need for transparency, dialogue, and consensus-building in tackling economic issues.

Call for Pragmatism and Focused Leadership

In conclusion, Mr. Kwarteng called on the government to shift attention from political slogans to policies that stabilize the economy and create sustainable growth.

“There are serious things the government must do to give this economy a future. We should stop the rhetoric and focus on the real work,” he said, underscoring that practical reforms, not campaign promises, will determine Ghana’s economic trajectory.

His intervention adds to growing public debate about the feasibility and effectiveness of the 24-hour economy, highlighting the tension between political messaging and practical economic policymaking.