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The CEO of the Ghana National Chamber of Commerce and Industry, Mark Badu-Aboagye, isn’t mincing words about this whole 24-Hour Economy idea the NDC just rolled out. He straight-up told the government to pump the brakes a little. “Nobody’s buying your stuff just because you slapped a 24-hour sticker on it,” is basically what he said. Brutal, but honestly, fair.
He was on JoyNews, just laying it out look, until we actually fix the mess Ghanaian businesses are dealing with, this 24-hour buzzword isn’t going to magically save the day. The business environment is rough. Like, rock-bottom rough. So, before everyone gets hyped about all-night production lines, maybe try making it less of a nightmare to run a business here.
Host Kofi Agyei tried to sweeten things up, mentioning the cedi bouncing back over 30%, inflation dropping to 13.7%, more reserves, and, you know, business folks apparently feeling a bit more hopeful. Mark wasn’t exactly popping any champagne. “Sure, it’s a start,” he said, “but that’s not going to cut it.” Inflation at 13.7%? Necessary, yeah but nowhere near enough to actually flip the script on the economy.
He wants to see those big macro numbers actually help the people making stuff. Where’s the cheaper credit? Where’s the break on electricity and water bills? That’s what matters if you’re trying to manufacture anything without going broke.
And don’t even get him started on utility costs. Ghana’s manufacturers are coughing up 12 to 15 cents per kilowatt hour. In other countries, it’s like, five cents or less! Add in a policy rate at 28% and you’re looking at sky-high interest rates. Who’s gonna bother making stuff to export under those conditions? Nobody with sense, that’s for sure.
Mark even questioned the whole point of this 24-hour thing if it’s just to stock the local shelves. “If it’s just for us to eat, we don’t need 24 hours. We need 24 hours because we want to export,” he said. But the world isn’t going to buy Ghana’s goods just because they’re “24-hour economy” certified. “You think people abroad care about your 24-hour label? Nah. They care about price and quality. End of story.”
With the AfCFTA turning Africa into one big trade playground, he says Ghana’s got to get real about cutting costs or they’re just going to get outpriced. “You send your stuff out, but if it’s too expensive, who’s buying? Nobody. That’s who.”
Bottom line, he’s saying: let’s actually connect these supposed economic wins like the cedi’s comeback and the lower inflation to stuff that matters for businesses. If not, this 24-Hour Economy thing is just another catchy headline.