Economist, Professor Godfred Bokpin

Following the launch of the 24-Hour Economy Policy on Wednesday, July 2, 2025, economist, Professor Godfred Bokpin, has cautioned that the creation of new structures and institutions to manage the policy could do more harm than good by placing added pressure on taxpayers.

According to him, setting up new secretariats and authorities for each development policy risks inflating administrative costs and may undermine the long-term sustainability of such initiatives.

Speaking on Joy News’ Newsfile on Saturday, July 7, 2025, Professor Bokpin stated that government must integrate policy initiatives such as the 24-Hour Economy and the One District, One Factory (1D1F) programme into existing state institutions.

He argued that already existing departments and state agencies are capable of overseeing the policy if properly resourced.

“Creating parallel structures adds to the burden on taxpayers,” the economist stated.

“There’s broad consensus on what needs to be done, but we keep changing names and repackaging policies without addressing the underlying delivery mechanisms,” he added.

Professor Bokpin also pointed out that many government programs often face challenges such as poor implementation, unrealistic costing, and inadequate monitoring.

The 24-Hour Economy Policy is projected to cost US$4 billion, with the government committing between US$300 million and US$400 million as seed capital to bridge viability gaps and stimulate private sector investment.

The 24H+ programme is envisioned as a nationwide economic agenda, targeting the creation of 1.7 million quality jobs over four years.

SA/MA

Cheque Fraud EXPOSED: How it works and how to stay safe

GhanaWeb Special: The gold market that fuels galamsey