Look, honestly, just dreaming up a “24-hour economy” isn’t gonna magically fix things if it’s still outrageously expensive to run a business in Ghana. Mark Badu-Aboagye the GNCCI boss basically said as much on JoyNews’ PM Express. Sure, the government’s got big ideas, but if local stuff can’t stand up to the competition worldwide, what’s the point?
He didn’t mince words: “Launching a 24-hour economy won’t change the brutal business conditions we’re stuck with right now.” The guy wants us to stop pretending slogans are solutions and actually tackle the real issues manufacturers face every single day.
So, when the host (Kofi Agyei) tried to sweeten things up, talking about the cedi gaining strength, inflation dropping to 13.7%, and all that jazz, Badu-Aboagye just wasn’t buying it. “A good start, not nearly enough,” he fired back. Sure, lower inflation is nice and all, but it doesn’t exactly transform the whole economic landscape overnight.
He wants to see those numbers making a difference where it matters like, are loans getting cheaper? Are electricity and water bills finally coming down? Because, let’s be real, those are the big headaches for anyone trying to make or sell things in Ghana.
Get this: Ghanaian manufacturers pay some of the highest electricity rates on the entire continent. We’re talking 12 to 15 cents per kilowatt hour, while other countries get away with less than five cents. Wild, right?
And don’t even get him started on borrowing costs. With a monetary policy rate at 28%, commercial interest rates shoot up over 30%. That’s basically telling exporters, “Hey, don’t even bother competing.” Who wants to make stuff and send it out under those conditions? Nobody, that’s who.
He’s tired of the “24-Hour Economy” being tossed around like it’s some magic bullet for self-reliance. “If all we want is to feed ourselves, we don’t need a 24-hour economy,” he shrugged. The real deal is exports that’s where the big push should be. But you can’t just slap a Ghanaian flag on a product and expect buyers to swoon. If your stuff isn’t priced right and up to scratch, it’ll just gather dust on the shelves, no matter how many hours your factory runs.
He threw in a reminder: Ghanaian products are up against cheap, high-quality imports from places like North Africa. So, if your goods are expensive, good luck finding buyers.
Bottom line? He’s calling on policymakers to stop patting themselves on the back about inflation and the cedi, and actually figure out how those wins can help bring down interest rates. Otherwise, it’s just talk.