24-hour economy foundations laid, jobs next – Ricketts-Hagan

The Member of Parliament for Cape Coast South and a member of Parliament’s Finance Committee, George Kweku Ricketts-Hagan, says the government’s next priority under the 24-hour economy policy is to translate the groundwork already laid into sustainable jobs, particularly for the country’s growing youth population.

He said the policy’s initial foundations had been established, but its success would depend on the effective implementation of measures to stimulate economic activity and expand employment opportunities.

Speaking to the Ghana News Agency on the sidelines of the recently concluded International Monetary Fund (IMF) and World Bank Group annual meetings in Bangkok, Thailand, Mr Ricketts-Hagan, who is also Board Chairman of the Ghana Revenue Authority (GRA) and a former Deputy Finance Minister, said economic stabilisation must now be accompanied by job creation.

Launched in July 2025, the 24-hour economy policy is designed to boost productivity, promote industrialisation, strengthen export-led growth and create jobs by encouraging businesses to operate beyond conventional working hours.

Ricketts-Hagan described the initiative as a long-term undertaking that requires careful planning, noting that the 24-hour Economy Secretariat had established the necessary foundations for implementation.

“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 said.

His comments come amid concerns from some economic watchers about the proposed three-shift system, a key component of the policy, with calls for a phased implementation approach backed by annual budgetary allocations.Breaking News Alerts

Ricketts-Hagan said the next stage must focus on building on the existing groundwork to deliver the policy’s employment and economic growth objectives.

He identified reliable electricity supply, incentives for businesses and access to ready markets for goods and services as critical conditions for the initiative to succeed.

According to him, tax reductions could encourage businesses to extend their operating hours, but such incentives would have limited impact without a dependable power supply to support continuous production.

On broader efforts to tackle unemployment, particularly among young people, Mr Ricketts-Hagan expressed optimism about the proposed US$10 billion New Economy policy, which is expected to be introduced in 2027.

He said the framework would build on existing economic reforms and direct government spending towards sectors with the potential to drive targeted growth and generate sustainable employment.

“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 said.