Mr Akwasi Oppong-Fosu, a former minister of state has said the 24-hour economic vision policy espoused by the former President, John Dramani Mahama, will turn the fortunes of the country’s economy.
He said the policy will be a resurrection from the ashes of the current unprecedented economic crisis that has caused a disastrous collapse of businesses, an exponential increase in unemployment, extreme poverty and widening inequality and a record low living standards.
“This initiative is one of the silver bullets in the former President’s arsenal which he intends to implement to turn the fortunes of the country around.”
In an interview with the Ghana News Agency in Accra, Mr Oppong-Fosu, said the vision of former President Mahama for the “GHANA WE WANT” seeks to launch the country into a golden age of inclusiveness, stability and prosperity.
He said the inter-related key pillars that will be supporting the 24-hour economic vision were: “Social Sustainability, that will be ensuring the well-being and dignity of citizens by promoting inclusiveness, equity, human rights through access to education, health care and decent work), Economic Sustainability, that will focus on a long-term economic growth whilst maintaining a balance between efficient management of resources, social equity and financial stability).
“Also were: Environmental Sustainability, that will be preserving and protecting the natural environment through appropriate policies and practices, and Human Capital Sustainability, that will investment in the continuous development and empowerment of citizens. All these pillars will be built on a foundation of good governance”.
The former Minister of State said, former President Mahama has consistently been emphasising and re-echoing in his cardinal belief that the business-as-usual approach which has so far only led to a very low productivity, cannot achieve the deliverables which are necessary if we should attain the GHANA WE WANT.
He said: “the effect of the 24-hour economic policy will be felt in all sectors of Ghana’s economy. Fortunately, the levers of the state sector of the economy which forms the basis upon which the private sector thrives are in the domain over which the President does have direct control.
Mr Oppong-Fosu said the 24-hour economic policy will place some emphasis on the agriculture sector as one priority area of high impact which envisions with a productive capacity along the entire value chain aimed at creating wealth and jobs through partnerships with the private
He said the Implementation of the 24-hour economic policy will drastically reduce food imports which is a major drain on our finances. Moreover, it will put Ghana in a position to benefit from Africa’s food market which is estimated to reach $1 trillion by 2030, (In 2020, Ghana imported food (including fish) worth $2.7 billion)
The former Minister of State said the 24-hour economy policy will entail the Establishment of a Presidential Delivery Secretariat with offices in Ministries, Departments and Agencies (PPME), Regional Coordinating Councils and Metropolitan, Municipal and District Assemblies (MMDAs) (Planning Departments) respectively.
He said the National Democratic Congress (NDC) developed a Local Economic Development Policy in 2014 which sought to stimulate the local economy through MMDAs partnership with Small and Medium Enterprises (SMEs), traditional leaders and local communities organised into cooperatives”.