Professor of Finance at the University of Ghana, Godfred Bokpin, has said that in order for the 24-hour Economy policy to succeed, it requires clear Key Performance Indicators (KPIs) which are monitored periodically.
Prof. Bokpin believes that refining the current 24-hour economy policy document into a binding economic blueprint with clearly laid out timelines, performance reviews every six months, and public reporting will make it more effective.
Without this, he warns the program could lose steam. “In Ghana, we start projects, but we don’t sustain them. Without clear KPIs and consequences, this will die down after six months,” he said while contributing to discussions on TV3’s the KeyPoints on July 5.
Prof. Bokpin described the policy as “bold” but stressed that if it is truly to become the framework for Ghana’s fiscal and monetary policies, it must be treated as an economic development instrument, not just a policy idea.
“You can’t run a development instrument without real costing, clear KPIs, data reporting structures, and accountability timelines. If we want a mindset shift, we need to start with building ownership and defining who does what and by when.”
He advised against establishing a special organisation with the status of an authority to implement the 24-hour economy policy.
He contended that, doing so will be costly for the country.
“We don’t need to create an authority to implement the 24-hour economy,” he said on TV3’s KeyPoints on July 5.
His comment was in reaction to a statement by the Chief Executive Officer of the National Petroleum Authority (NPA), Edudzi Tameklo, that an authority may be created to ensure the successful implementation of the policy while speaking on the same programme.
Prof Bokpin said, “There are many existing institutions that can help with monitoring the implementation of this policy, the Ministry of Finance can help with monitoring the fiscal aspect. We rather need to strengthen the ownership through periodic updates on progress of work.
Touching on the estimated GHC4 billion cost of the policy, Prof Bokpin said, “Let’s reduce the cost of the policy.”
Read also: 24-hr economy: We don’t need to create an authority to implement policy – Bokpin
