Good Economics Begins Where Slogans End — Prof Boadi Questions 24-Hour Economic System Growth Milestone and Framework

Introduction

Economic policies often gain traction through compelling slogans, but true progress depends on detailed implementation and realistic funding. In a recent television interview, Prof Isaac Boadi, Dean of the Faculty of Accounting and Finance at the University of Professional Studies, Accra (UPSA), challenged Ghana’s newly assented 24-Hour Economy Authority Bill, 2025. He argued that while the policy’s vision is commendable, its success hinges on moving beyond catchy labels to concrete planning, measurable milestones, and credible funding sources. This article unpacks his concerns, contextualizes the policy, and offers practical insights for policymakers and citizens alike.

Key Points

Background

The 24-Hour Economy Authority Bill, 2025, was recently signed into law by President John Dramani Mahama. Its goal is to transform Ghana into a round-the-clock economy by promoting night-time business activities, boosting productivity, and creating jobs. The initiative includes several sub-programs such as Build 24, Grow 24, Show 24, and Connect 24, each targeting different sectors of the economy.

While the policy has been celebrated for its ambition, Prof Boadi’s critique highlights a recurring challenge in economic policymaking: the gap between visionary rhetoric and actionable strategy. His comments come at a time when Ghana, like many developing economies, is seeking innovative ways to address youth unemployment and stimulate growth.

Analysis

The Problem with Sloganeering in Economic Policy

Prof Boadi’s central argument is that slogans, while useful for rallying support, are insufficient for driving real economic change. He points out that policies like the 24-hour economy often lack clear implementation frameworks, making it difficult to assess their feasibility or measure progress.

For example, he questions how night-time economic activities will be priced and regulated. Without a transparent pricing mechanism, businesses and workers may struggle to adapt, and the policy’s intended benefits could be undermined.

Funding and Financial Planning

A major concern raised by Prof Boadi is the projected $4 billion cost over five years. He asks a critical question: where will this funding come from? In many developing economies, large-scale economic initiatives often face delays or underperformance due to insufficient or poorly managed resources.

The absence of a detailed cost plan and clear funding sources can erode public confidence and make it harder to attract private investment. Prof Boadi emphasizes that policymakers must provide transparent timelines and budgets if they expect public and stakeholder buy-in.

The Importance of Realistic Milestones

Prof Boadi warns that attaching broad labels to policies without defined milestones and timelines can create implementation challenges. For instance, the 24-hour economy initiative risks becoming another well-intentioned but poorly executed project if progress is not regularly measured and reported.

He advocates for a shift in focus from the novelty of the policy’s name to the substance of its execution. This includes setting specific, measurable, achievable, relevant, and time-bound (SMART) goals.

Youth Employment and Productivity

A key objective of the 24-hour economy is to address youth unemployment. Prof Boadi acknowledges that policies targeting the needs of ordinary Ghanaians are likely to be welcomed, but only if they are grounded in realism.

He stresses that the government should provide a clear platform and framework, allowing the private sector and individuals to fill in the gaps. This collaborative approach can help ensure that the policy’s benefits are widely distributed and sustainable.

Practical Advice for Policymakers and Stakeholders

1. **Develop Clear Implementation Frameworks**: Move beyond slogans by outlining step-by-step plans for how the policy will be executed, including regulatory guidelines and support mechanisms.

2. **Establish Transparent Funding Sources**: Clearly identify where the required funds will come from, whether through government budgets, private investment, or international partnerships.

3. **Set Measurable Milestones**: Define specific, time-bound targets for each phase of the policy, and regularly report progress to the public.

4. **Engage Stakeholders Early**: Involve businesses, workers, and community leaders in the planning process to ensure the policy addresses real needs and gains broad support.

5. **Focus on Youth Empowerment**: Tailor initiatives to create tangible opportunities for young people, such as skills training, entrepreneurship support, and access to capital.

6. **Monitor and Adapt**: Establish mechanisms for ongoing evaluation and be willing to adjust the policy based on feedback and changing circumstances.

FAQ

Conclusion

Prof Isaac Boadi’s critique of Ghana’s 24-Hour Economy Authority Bill serves as a timely reminder that good economics begins where slogans end. While visionary policies can inspire hope and ambition, their success ultimately depends on detailed planning, credible funding, and measurable progress. By moving beyond catchy labels to concrete implementation, Ghana can ensure that its economic initiatives deliver real benefits to its citizens, especially its youth. Policymakers and stakeholders must work together to build a framework that is transparent, inclusive, and grounded in reality.