The government of Ghana is facing criticism for its decision to alter the formula of the 24-Hour Economy Policy from the initial "1-3-3" to "4-1-9" without conducting sufficient consultations with stakeholders. The Ranking Member on Parliament's Trade and Industry Committee, Michael Okyere Baafi, has been at the forefront of this criticism, calling on the government to apologise to Ghanaians for the abrupt change. According to Okyere Baafi, the new formula was introduced without adequate consideration for the potential impact on businesses and citizens, prompting concerns about the policy's effectiveness.
Background and Context
The 24-Hour Economy Policy was introduced to promote economic growth and development by encouraging businesses to operate around the clock. The initial "1-3-3" formula was designed to provide a framework for the implementation of this policy, with specific guidelines for businesses, regulatory bodies, and other stakeholders. However, the government's decision to change the formula to "4-1-9" has raised questions about the rationale behind this move and its potential consequences.
"The change from '1-3-3' to '4-1-9' was not only unexpected but also lacks clarity, and we are worried about the potential effects on the economy,"said Okyere Baafi in a statement.
Concerns and Criticisms
Experts and stakeholders have expressed concerns about the potential impact of the new formula on the economy. Dr. John Kumah, a lecturer at the University of Ghana's Economics Department, noted that
"any significant change in policy requires careful consideration and consultation with stakeholders to avoid unintended consequences. The government's failure to engage in broader consultations before introducing the new formula is a cause for concern."He further emphasized that the lack of transparency and communication about the new formula may lead to confusion and mistrust among businesses and citizens.
The Ghana Chamber of Commerce and Industry has also weighed in on the issue, calling for the government to provide more information about the new formula and its implications.
"We need clarity on the new formula and how it will affect our members. The government must engage with us and provide a clear roadmap for the implementation of the 24-Hour Economy Policy,"said Mark Badu Aboagye, the Chamber's Chief Executive Officer.
Government's Response
Despite the criticisms, the government has maintained that the change in formula is necessary to improve the effectiveness of the 24-Hour Economy Policy. A spokesperson for the Ministry of Trade and Industry stated that
"the new formula is designed to promote greater efficiency and competitiveness in the economy. We are confident that it will have a positive impact on businesses and citizens."However, the government has not provided detailed information about the new formula or addressed the concerns raised by stakeholders.
The controversy surrounding the change in formula has highlighted the need for greater transparency and consultation in policy-making. As the government moves forward with the implementation of the 24-Hour Economy Policy, it is essential that it engages with stakeholders and provides clear information about the new formula and its implications.
Way Forward
In light of the criticisms and concerns raised, it is crucial that the government takes steps to address the issues surrounding the change in formula. Okyere Baafi has reiterated his call for the government to apologise to Ghanaians for the abrupt change and to engage in broader consultations with stakeholders. He emphasized that
"the government must be transparent and accountable in its policy-making. The 24-Hour Economy Policy has the potential to drive economic growth, but it requires careful consideration and consultation with stakeholders to avoid unintended consequences."
In conclusion, the government's decision to change the formula of the 24-Hour Economy Policy from "1-3-3" to "4-1-9" has sparked controversy and criticism. As the government moves forward with the implementation of the policy, it is essential that it prioritises transparency, consultation, and accountability. By doing so, the government can build trust with stakeholders and ensure that the policy achieves its intended objectives, driving economic growth and development in Ghana. The coming days will be crucial in determining the fate of the 24-Hour Economy Policy, and it remains to be seen how the government will respond to the criticisms and concerns raised by stakeholders.
