Economic Statistician Dr. Ebo Duncan has cautioned that Ghana’s proposed 24-hour economy may face serious setbacks unless key economic challenges are addressed.
According to him, the viability of exporting goods and services under the new policy could be undermined by weak demand and high production costs.
“The success of the 24-hour economic model hinges on robust demand, both locally and internationally,” he said on ABC in the Morning.
Dr. Duncan explained that the current economic environment is not favourable for such a policy to thrive.
He argued that unless the government acts swiftly to reduce the cost of production, producers will struggle to meet quality and affordability standards that drive consumer demand.
He noted that without these foundations, it will be difficult for local industries to take full advantage of the 24-hour model.
“We have to look at agric very well, as they can feed some of these local industries,” Dr. Duncan said.
He further stressed that Ghanaian farmers and producers must be supported to become more competitive with foreign goods, especially in terms of pricing and quality.
He urged the government to implement policies that will ease operational costs for local businesses to enable them to grow within a 24-hour economic framework.
