Gov’t to introduce legislation to support 24-hour policy

In his first budget presentation under the new administration, Ghana’s Finance Minister, Dr. Cassiel Ato Forson, outlined plans to implement the administration’s flagship “24-Hour Economy” policy.

According to him, the move is aimed at boosting industrial productivity and employment opportunities.

“We remain committed to the pursuit of our 24-Hour Economy policy aimed at stimulating economic growth and job creation. This policy will contribute to addressing Ghana’s structural economic challenges by creating an integrated, efficient, and increasingly export-driven industrial economy that fully utilises our national resources, capital, and labour power.”

Dr. Ato Forson revealed that the government intends to review legislation to support the implementation of the policy.

“We will be presenting the 24-Hour Economy policy to Parliament in due course. In this respect, the Labour Act, the Ghana Investment Promotion Centre Act, and other enabling legislation will be reviewed.”

Other proposals include a review of critical financial legislation, such as the Petroleum Revenue Management Act, the Ghana Cocoa Board Act, and the Fiscal Responsibility Act.

He reaffirmed the government’s commitment to stabilising the economy, tackling debt, and implementing structural reforms to drive job creation and economic growth.

The minister acknowledged the severe economic challenges inherited, emphasising that decisive action is needed to prevent further decline.

“We can either continue on a path of self-destruction by not confronting the problems, or we can embark on a journey of fundamental reforms and transformation,” he declared.