The Minister of Finance Dr. Ato Forson has explained that, the 24-Hour Economy as proposed by the current administration is aimed at stimulating economic growth by creating an enabling environment for businesses and institutions to operate 24/7 in three shifts of eight hours each to boost production, promote productivity, and generate well-paying jobs.
Presenting the Budget Statement and Economic Policy of Government for the 2025 Financial Year to Parliament on 11th march, 2025, Dr. Forson said, “we will be presenting the policy to Parliament in due course for consideration. Accordingly, the Labour Act, the GIPC Act and other enabling legislations will be reviewed to roll out the implementation of our $10 billion “Big Push” policy for strategic infrastructural development to open up the country and drive sustainable economic growth and transformation under the 24-Hour Economy policy”
According to him, the Government is working to establish the Ghana Gold Board (GOLDBOD) with its primary objective to support foreign exchange inflows and gold reserve accumulation for the benefit of our dear country.
“To achieve this, the GOLDBOD shall regulate, oversee, monitor and undertake the purchasing, assaying, refining, exporting, selling, and other related activities concerning the gold resources of Ghana; iv stabilize the Ghana Cedi and macroeconomy through an urgent economic recovery programme to shore up our foreign reserves: he added.
He again submitted to Ghanaians that the government will develop a deliberate policy to build economic buffers through external reserves to cushion the Ghana Cedi;
- implement an Economic Transformation Agenda underpinned by structural reforms anchored on promoting modernized agriculture, agri-business and value addition for import substitution, exports and job creation;
- complement monetary policy with fiscal and real sector policies to reduce inflation. Food inflation will be reduced through the Agriculture for Economic Transformation Agenda (AETA) anchored in the 24-Hour Economy Policy;
- undertake key structural reforms to support inclusive economic growth, fiscal and debt sustainability, sound public financial management, efficient public service delivery, and good governance;
- restructure the Bank of Ghana to strengthen its independence and operational efficiency to deliver more effectively on its price, financial stability, and development mandate;
- enhance social protection through the introduction of various social intervention programmes to complement existing programmes to alleviate the current economic hardships and protect the vulnerable; and
- use government procurement to drive a “Made-In-Ghana agenda to promote the production and consumption of made-in-Ghana goods. To demonstrate this commitment, I came to this budget presentation with a bag proudly made in Ghana by Horseman.
By Edzorna Francis Mensah
