The NDC just dropped their much-hyped 24-hour economy plan 176 days into their time at the helm. Not exactly a slow burn. We’re talking a monster 283-page doc, which, yeah, is about as fun to read as it sounds, but it’s not just about keeping the lights on at government offices all night. They’re framing this as an all-out economic makeover for Ghana, trying to untangle the stuff that keeps the country’s growth stuck in first gear.
So, what’s the plan? Basically, it’s rolling out in two chunks. First, they’re dangling a load of carrots in front of businesses to get them running extra shifts tax breaks, cheaper power at night, the works. In phase two, they’re going bigger. Think massive “Wumbei Parks” (catchy, right?) in every region, complete with their own solar grids, biogas, police, fire, the whole nine yards. Apparently, these parks will pop up near the Volta Basin, which they’re turning into the new farming hotspot, with irrigation and all that jazz.
Now, if you’re a business thinking of signing up, here’s what’s on the table: You want to import machines? No duties. Running three shifts? Boom, 50% off your corporate tax. You’re an agro company? Tax holiday. Night owls running the factory after 10pm? Discounted electricity. Exporters get a little cash back too, and the government promises to fast-track all your paperwork. Even cocoa processors get easier access to beans. There’s also some talk of cheap loans from Development Bank Ghana.
Of course, all these goodies need Parliament to actually change the laws. And, you know, that part can get sticky.
For the second act, it’s all about those massive industrial parks. Each one’s at least 50 acres no postage-stamp operations here. They’ll be self-sufficient, plugged into renewables, and right next to new farming zones. Plus, they’re setting up greenhouse clusters around the big cities think lettuce that doesn’t need to hitch a ride from Tamale to Accra.
The government’s budgeted $4 billion for the first round. They’ve scraped together $300 million to get things moving, but the other 92%? Yeah, they’re hoping private investors and the Ghana Infrastructure Investment Fund will cough it up. To sweeten the deal (or maybe balance the books), they’re slapping a 2.5% import levy on stuff that can be made locally so, if you love your imported shampoo or second-hand jeans, heads up.
Here’s the catch: they’re super vague on the actual math. Sure, they say all this will make up for lost tax revenue and create 1.7 million jobs in four years. But, no hard numbers, no breakdown by industry, nothing about how exports will really grow. It’s a bit of a trust-fall moment.
To keep things from totally derailing, they’re setting up a new authority to oversee everything, chaired by the president. There’s also a pilot run with 50 companies, which, honestly, feels a bit like dipping your toe in before cannonballing.
Still, if you remember the whole “One District, One Factory” saga, you might be rolling your eyes. That one burned through over GH¢500 million, and the results? Kinda meh. Only 169 companies got help, and tons of big problems stuck around.
So, what makes this time different? They’re banking on new laws to make the policy stick, even if the political winds shift. But, let’s be real, there are a lot of unanswered questions. What happens if tax revenues tank? Will they just borrow more? How do they make sure the next government doesn’t just hit the undo button?
In short: Big vision, big promises, but still a lot of “wait and see.” If they can actually pull it off, though, Ghana could be looking at a seriously new economic game.
Honestly, the whole 24-hour economy thing is kinda pointless if businesses don’t jump on board, right? And if the government starts making all these fancy promises but can’t actually deliver especially if they leave sneaky loopholes for people to wiggle through then, well, good luck making any of it work.