NDC to focus on gradual implementation of 24-hour economy policy - Fifi Kwetey

The National Democratic Congress (NDC) says the plan is to gradually implement a 24-hour economy policy aimed at boosting local manufacturing and reducing Ghana’s reliance on imports. 

The General Secretary of the NDC, Fifi Fiavi Kwetey in an interview with TV3 on Wednesday [Dec 4, 2024] described the initiative as a key strategy in addressing Ghana’s economic challenges.

Mr Kwetey stated that the policy would prioritise government spending on locally produced goods and services as a way to stimulate demand and foster industrial growth. 

He noted that as the largest spender in the economy, the government holds significant power to drive industrial development by prioritising local procurement.

“If the government decides to procure goods from industries operating under this framework, it creates opportunities for these businesses to scale up and thrive,” Mr Kwetey said.

The initiative will begin with a phased rollout targeting high-impact sectors such as pharmaceuticals and general manufacturing. 

According to Mr Kwetey, these industries were chosen for their potential to deliver immediate economic benefits, including increased production and job creation.

He also highlighted measures designed to support local manufacturers, such as tax incentives, subsidies, and tariff adjustments, which are expected to make Ghanaian goods more competitive against imports.

“This policy is about reducing production costs and encouraging local manufacturers to meet the demands of both the domestic and global markets,” he explained.

The initiative’s gradual approach is aimed at ensuring effective implementation. 

Mr Kwetey said the NDC plans to monitor progress closely, making adjustments as needed to avoid inefficiencies. The long-term goal, he added, is to expand the policy to other sectors once initial successes are recorded.

He indicated that Ghana’s dependency on imported goods is another critical objective of the policy pointing out that fostering local production could ease the country’s foreign exchange burden while strengthening its economy.

“This initiative is not just about creating jobs; it’s about building a more self-reliant economy,” he said, adding that collaboration with private sector stakeholders would be crucial to its success.