By Harmony Seyram ATTISE
A vision for economic transformation or political rhetoric?
Ghana’s first National Economic Dialogue under the new government opened with a bold commitment from President John Dramani Mahama: a pledge to restore macroeconomic stability, enforce fiscal discipline, and revolutionize Ghana’s economic landscape through industrialization and a 24-hour economy.
While these promises resonate with the aspirations of a competitive Ghana, the critical question remains: Can Ghana truly position itself as a formidable force on the global stage, or is this another cycle of political rhetoric?
Mahama breaking the cycle: industrialization and economic diversification
For decades, Ghana’s economy has been vulnerable to global price fluctuations and external shocks due to its heavy reliance on the export of raw materials—gold, cocoa, and crude oil. Mahama’s call for value addition and industrialization aims to shift this trajectory, creating sustainable jobs, boosting exports, and reducing dependency on imports.
This aligns with the A4A Policy Framework, which advocates for ambidextrous business strategies that combine efficiency in local markets with agility in global competitiveness. However, for this vision to materialize, Ghana must tackle key structural barriers:
- Manufacturing inefficiencies that make local production expensive and uncompetitive.
- Weak value-chain linkages that prevent small businesses from integrating into industrial growth.
- Limited access to affordable financing that stifles business expansion and innovation.
Technology and agriculture: fueling global competitiveness
Mahama underscored the need to modernize agriculture and harness technology to bridge Ghana’s digital divide—a necessity for sustained economic growth. Indeed, global competitiveness today is driven by technological advancements and strategic investments in Industry 4.0, artificial intelligence (AI), and digital infrastructure.
A4A’s framework strongly supports adaptive industrialization, urging African businesses to leverage AI, blockchain, and data-driven decision-making to increase productivity and global market penetration. This incites a bigger question:
Does Ghana have the infrastructure and policies in place to compete with global manufacturing hubs like China, India, and Vietnam? The answer isn’t a simple yes or no. Ghana has made progress, but there are still big gaps in industrial capacity, policy follow-through, and the investment needed to build a truly competitive manufacturing sector. It’s not just about having potential—it’s about taking real, decisive action to close the gap.
The 24-Hour economy: a bold strategy or an unrealistic promise?
“My fellow Ghanaians, a new era is upon us—an era of bold transformation, economic expansion, and limitless opportunities. At the heart of our vision for Ghana’s future is the implementation of a 24-hour economy that works for all. This strategy will revolutionize our economic landscape, create sustainable jobs, and position us as a competitive force on the global stage,” President John Mahama.
The 24-hour economy concept, if properly executed, could transform manufacturing, retail, healthcare, logistics, and financial services, ensuring continuous production, service delivery, and job creation nicely noted by President Mahama. However, Ghana’s business climate presents major roadblocks:
- Unstable power supply (Dumsor)—a critical challenge for businesses operating beyond standard hours.
- Labor laws and workforce readiness—Are Ghanaian businesses prepared for a 24-hour operational model? Probably—but mainly for well-structured, large businesses that can scale up production and meet higher demand.
- Security and transportation infrastructure—Can Ghana support round-the-clock economic activities efficiently? I strongly doubt it.
Without concrete policy frameworks, public-private sector collaboration, and regulatory clarity, the 24-hour economy risks becoming another political slogan rather than an implementable growth strategy.
Beyond short-term fixes: long-term economic planning & policy reforms
Mahama emphasized the need for medium-long-term strategic planning rather than short-term governance-driven economic policies. He acknowledged that effective economic transformation requires multi-stakeholder collaboration—a stance strongly advocated by A4A’s call for a national policy framework on ambidexterity and global competitiveness.
“The time for transformation is now. Let us embrace our economic transformation and unlock the full potential of our beloved country. Let us work together to build a resilient, competitive, and prosperous Ghana,” President John Mahama.
To achieve this, the Ghanaian government aims to:
- Institutional reforms that promote transparency and hold leadership accountable .
- Policy consistency across administrations to avoid the stop-start cycles that undermine long-term economic development.
- Global market positioning strategies that focus on competitiveness rather than dependency on international financial aid and short-term economic bailouts.
Are these commitments truly enough to address decades of entrenched corruption, stalled developmental reforms, and the persistent lack of accountability in governance?
A4A’s call to action: the role of industry & policy makers
The A4A Policy Framework offers a structured approach for Ghana to bridge the gap between economic aspirations and real implementation. As we continue to advocate for policy reviews, industrial collaborations, and business agility, we urge:
- Industry leaders to critically assess the 24-hour economy’s feasibility and provide actionable input.
- Government stakeholders to engage with policy frameworks like A4A to drive economic resilience and global positioning.
- Businesses and entrepreneurs to explore ways of adapting to emerging trends in industrialization and digital transformation.
- Adopting Strategic Ambidexterity for Global Competitiveness – Government and industry leaders must review and implement the A4A Policy Framework to enhance organizational adaptability, balance efficiency with innovation, and strengthen Africa’s position in the global market.
The verdict: rhetoric or real change?
Ghana’s economic future hinges on the execution of these ambitious plans. Can we truly become a competitive force on the global stage, or will this dialogue fade into another cycle of political promises? At A4A, we will continue to track, analyze, and engage with policymakers and businesses to ensure Africa’s industrialization and competitiveness agenda moves from discussion to action.
>>>the writer is Executive Director, Ambidexterity for Africa
