The New Economy is a scam, a rebrand of failed 24-hour economy – Oppong Nkrumah

The Ranking Member on Parliament’s Economy and Development Committee, Kojo Oppong Nkrumah, has described the government’s proposed New Economy programme as a rebranding of what he says is the failed 24-hour economy policy.

He said the government was preparing to introduce the new initiative ahead of the presentation of the 2027 Budget on Thursday, November 12.

Speaking at a press conference on Tuesday, November 10,Oppong Nkrumah argued that the government was using new branding to divert attention from what he considers its failure to deliver on previous economic promises.

“The new economy is a scam. It's the old failed promises which have been repackaged with a new branding, some new colours,” he said.

The New Economy is a four-year economic transformation programme that President John Dramani Mahama has said will direct investment into job-creating sectors between 2027 and 2030.

The government has said the programme is intended to move the country beyond economic stabilisation towards increased production, wealth creation and sustainable growth.

However, Oppong Nkrumah questioned the government's economic performance, arguing that improvements in some macroeconomic indicators had not translated into better conditions for businesses and households.

He particularly criticised the Bank of Ghana's monetary policy, claiming that its efforts to reduce inflation had restricted money in circulation and weakened consumer demand.

He cited the Bank of Ghana's 2025 accounts, which he said showed that GH¢93 billion had been locked away to manage demand.

He also claimed that the tightening policy had cost the central bank GH¢16 billion.

The Finance Minister, Dr Cassiel Ato Forson, is expected to present the 2027 Budget Statement and Economic Policy to Parliament on Thursday, November 12.