From the 24-Hour Economy to the "New Economy": U-Turn or Evolution? ‎

When the NDC campaigned for power, the 24-Hour Economy was its flagship promise, presented as the main engine for jobs. On 12 November 2026, Finance Minister Dr Cassiel Ato Forson unveiled a different banner.

The 2027 Budget introduced a $10 billion, four-year "New Economy" programme meant to shift Ghana from dependence on raw materials toward production, jobs and prosperity. Critics say this is a quiet retreat from the old promise. The government says it is not.

The critics' case
On 11 November, veteran journalist Kwesi Pratt Jnr. asked what "New Economy" means and whether it signals the abandonment of the 24-Hour Economy promise that helped bring the NDC to power. He argued the government owed Ghanaians an honest explanation rather than a new slogan.

Former Finance Minister Dr Mohammed Amin Adam went further in an open letter, saying there was no independently verifiable account of how many jobs were created, how much investment was mobilised or which businesses were transformed under the 24-Hour Economy.

He also questioned why Ghanaians should trust a $10 billion promise when the $4 billion 24-Hour Economy ambition had not been accounted for, and why the primary surplus target is being weakened from 1.5% to 0.5% of GDP. He cited a KPMG pre-budget survey in which 71% of respondents named jobs and youth employment as their top priority.

The government's response
Presidential Staffer Beatrice Annan said the government has not abandoned the 24-hour economy and that it remains part of the broader New Economy agenda.

She said its success depends on reliable roads and a sustainable power supply, and that Ghana expects to add nearly 2,000 megawatts of generation capacity by 2030.

The budget framing supports part of this. Ato Forson described the New Economy's pillars as one productive system, in which agriculture supplies food and raw materials, reliable energy supports a 24-hour economy, and minerals gain value before export.

The 2027 plan includes a GH¢30 billion injection into the New Economy within a GH¢389.2 billion expenditure plan. He had earlier described the policy as a shift from fiscal consolidation toward growth-focused spending.

What was actually delivered so far
The 24-Hour Economy has produced some visible projects. Construction of 24-hour markets began in all 11 municipalities and districts of the Upper West Region in January 2026. The government allocated GH¢110 million in 2026 to implement the programme.

Still, the government had said a legal 24-Hour Economy Authority would be needed before businesses could register and benefit from the advertised incentives. I did not find a confirmed 2027 allocation for the 24-Hour Economy in the coverage reviewed.

Assessment
On the evidence so far, this looks less like a formal abandonment and more like a re-scoping and rebranding. The 24-Hour Economy is being folded into a larger programme, while its own flagship promises of jobs, investment and incentives remain unreconciled in public.

Whether it is a u-turn will depend on three tests in the coming months: how much of the $10 billion is new money, how much is committed to the 24-Hour Economy, and whether the government publishes verifiable jobs and investment data.

Business groups are watching too. The Association of Ghana Industries said it expected heavy investment in the 24-hour economy in the 2027 Budget.

Mustapha Bature Sallama
Medical/ Science Communicator,
Private Investigator, Criminal Investigation and Intelligence Analysis,

International Conflict Management and Peacebuilding. (USIP)

[email protected]
+233555275880

References
MyJoyOnline, "What is 'new economy'? Kwesi Pratt questions status of 24-hour economy promise," 11 Nov 2026: https://myjoyonline.com/what-is-new-economy-kwesi-pratt-questions-status-of-24-hour-economy-promise

GhanaWeb, "24-Hour Economy has not been abandoned – Beatrice Annan," Nov 2026: https://www.ghanaweb.com/GhanaHomePage/business/24-Hour-Economy-has-not-been-abandoned-Beatrice-Annan-2060803

GhanaWeb, "'Account for failed 24-Hour Economy' – Dr Amin Adam to Finance Minister," 11 Nov 2026: https://ghanaweb.com/GhanaHomePage/business/039-Account-for-failed-24-hour-Economy-before-selling-us-039-new-24-hour-economy-039-D-Amin-to-Ato-2060901

GhanaWeb, "Where are the promised 1:3:3 24-Hour Economy jobs?": https://www.ghanaweb.com/GhanaHomePage/business/Where-are-the-promised-1-3-3-24-Hour-Economy-jobs-Amin-Adam-slams-NDC-039-s-deceit-2060898

Graphic Online, "2027 Budget: Ato Forson pledges to honour Ghanaians' sacrifices with jobs and prosperity," 12 Nov 2026: https://www.graphic.com.gh/business/business-news/2027-budget-ato-forson-pledges-to-honour-ghanaians-sacrifices-with-jobs-and-prosperity.html

Graphic Online, "GH¢389.2billion budget: Ato Forson unveils 2027 spending plan," 12 Nov 2026: https://www.graphic.com.gh/business/business-news/ghc389-2billion-budget-ato-forson-unveils-2027-spending-plan.html

MyJoyOnline, "Ato Forson announces 'New Economy' policy for 2027 budget": https://www.myjoyonline.com/ato-forson-announces-new-economy-policy-for-2027-budget-promises-shift-to-growth-focused-spending/

allAfrica, "Ghana: Construction of 24-Hour Economy Markets Begins in Upper West Region," 26 Jan 2026: https://allafrica.com/stories/202601270296.html

Business Ghana, "GHC110m allocated for 24 hr economy": https://businessghana.com/site/news/business/338314/GHC110m-allocated-for-24-hr-economy

GBC Ghana, "Ghana plans 24-hour economy through new authority, says Felix Ofosu Kwakye": https://www.gbcghanaonline.com/news/politics/24-hour-authorty/2026/

GNA, "2027 Budget must invest heavily in 24-Hour Economy – AGI," 9 Nov 2026: https://gna.org.gh/2026/11/2027-budget-must-invest-heavily-in-24-hour-economy-agi/