Praise with Caution: Economist Lauds Gov’t’s “Integrated & Visionary” 24-Hour Economy, But with Warning

As President John Mahama sets the stage to roll out his newly launched 24-Hour Economy, economist and political risk analyst, Dr. Theo Acheampong, is offering both praise and a word of caution.

Dr. Acheampong is likening the thinking behind the policy to that of Ghana’s historic Volta River Project, describing it as integrated, bold, and visionary, just like the development dream former President Kwame Nkrumah had over half a century ago.

For him, the policy which seeks to anchor on the Volta Economic Corridor is indeed a revival of the vision of Dr. Nkrumah, who saw beyond the dam and was miles ahead of the time on industrialisation.

In a Facebook post cited by The High Street Journal, he revealed that his personal collection includes rare books on the Volta Project, one of which has a foreword written by Nobel Laureate Sir W. Arthur Lewis, who advised Nkrumah during Ghana’s early nation-building years. Another was published in both English and Mfantse, showing how seriously the leaders of the time worked to carry the people along.

Interestingly, he sees a similar depth of thinking and integration in the 24-Hour Economy initiative, which he praises the government for.

According to Dr. Acheampong, one of the strengths of the new programme is its clear understanding of structural constraints. These bottlenecks have long slowed Ghana’s industrial growth.

“As Ghana’s new NDC administration has launched the 24+ economy programme [its major industrial policy tool], permit me to introduce you to a few of the vintage books in my collection on the Volta River Project from the 1950s. It’s just fascinating the level of integrated thinking that went into it – Nkrumah indeed saw beyond the dam, and was miles ahead of the time on industrialisation. The Foreword on the first book was written by Nobel Laureate Sir W. Arthur Lewis, who was Nkrumah’s economic advisor at the time. The second book is even more fascinating: It was written in English and Mfantse (to carry the people along/buy into the vision),” the economist recollected.

From power supply and transport logistics to financing and workforce readiness, the policy seeks to tackle the actual problems that keep factories from running overnight or exporters from reaching global markets quickly.

For him, the policy is a practical plan, not just political poetry.

But here’s the catch: as positive as his assessment is, Dr. Acheampong wasn’t shy to raise the most important question that’s on many minds: can it be done?

Over the years, Ghanaians have seen many grand policy documents launched with fanfare, only for them to gather dust. What makes the 24-Hour Economy different? The answer, Dr. Acheampong suggests, lies in consistent, competent execution and in earning the trust and support of everyday citizens and the private sector.

“The 24+ economy programme has great prospects. I do like the great attention to detail paid in understanding the structural constraints and coming out with realistic solutions. Of course, the challenge will always be in the programme implementation,” he added.

In the coming weeks, Dr. Theo Acheampong says, he will be coming out with his detailed position on the policy, which seeks to change the country’s economic trajectory. It is expected that the policymakers will take lessons from the advice and tweak the policy where necessary to ensure its smooth implementation.

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