24-Hour Economy Must Be Matched with Cheaper Power and Strategic Procurement – Economist

As Ghana’s 24-hour economy officially rolls out tomorrow, Economist Dr. Paul Appiah-Konadu of Pentecost University is urging the government to go beyond policy rhetoric and create a conducive environment for real business participation, starting with affordable electricity, strategic procurement incentives, and targeted support for local industries.

Speaking exclusively to The High Street Journal, Dr. Appiah-Konadu said: “The 24-hour economic policy is a good initiative, but we should have the right environment for businesses to subscribe to it.”

He stressed that the high cost of power is a major constraint to around-the-clock production and operations.

“If on a 12-hour cycle, businesses are struggling to pay their electricity bills, how do you expect them to subscribe to a 24-hour economic policy?” he questioned, adding that preferential tariffs or power subsidies for participating firms will be essential to scale the policy. “Without power, there is no 24-hour economy,” he emphasized.

Dr. Appiah-Konadu further pointed out that while the intent of the policy is to drive production and employment, market access is equally critical.

 “The essence of production is selling. If businesses produce and cannot sell because warehouses are full, how do you keep producing?” he questioned.

According to him, the government must use its purchasing power to shape demand.

“Government is the biggest purchaser in the economy from the district level to regional coordinating councils, to ministries and agencies; government institutions should be encouraged to buy from companies that operate on a 24-hour shift,” he stated.

He cited examples such as sanitation and construction services, where 24/7 contractors can be prioritized to accelerate delivery and employment. “If we have contractors working on three shifts, infrastructure projects can be completed faster and more efficiently,” he said.

On industrial policy, Dr. Appiah-Konadu called for increased investment in agro-processing, either by supporting private players or through direct state-led ventures. “We need to build more agro-processing industries that operate on 24-hour shifts and create jobs across the value chain,” he said.

He also urged the government to address structural issues such as interest rates, which he described as too high for businesses to borrow for equipment, automation, or working capital. “Interest rates in excess of 25% are unsustainable for companies that want to retool and operate on 24-hour cycles,” he cautioned.

On trade policy, Dr. Appiah-Konadu pointed to the unchecked importation of cheap goods as a major threat to local competitiveness.

“In poultry, for example, how can a local farmer selling broilers at GHS 150 compete with frozen imported chicken going for GHS 40? Until we address unfair import competition, we cannot expect domestic industries to sustain 24-hour operations.” He noted.

He added that similar challenges exist in the rice value chain, where local farmers face stiff price competition from imports despite the cedi‘s recent stability.

“We need a holistic approach to make sure the 24-hour economic policy is not just rolled out, but actually delivers on its promise of jobs, growth and industrial transformation,” Dr. Appiah-Konadu concluded.

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