IERPP demands account of $4bn 24-Hour Economy before rollout of $10bn New Economy

The Institute of Economic Research and Public Policy (IERPP) has challenged the Mahama administration to account for the financing, projects and jobs associated with its $4 billion 24-Hour Economy programme before proceeding with the proposed $10 billion New Economy initiative. The institute’s Executive Director, Professor Isaac Boadi, says the government must provide verifiable evidence of the original programme’s performance, including funds disbursed, projects implemented and employment created. Speaking at a press conference at the IERPP Conference Room in Adabraka, Accra, on Tuesday, October 27, 2026, he questioned the credibility of announcing a substantially larger economic initiative without first publishing a comprehensive account of the existing programme. He said Ghanaians needed evidence that public commitments were translating into measurable economic benefits, particularly sustainable employment for young people. Prof. Boadi recalled that on June 30, 2025, Presidential Adviser on the 24-Hour Economy, Augustus Goosie Obuadum Tanoh, announced plans to mobilise $4 billion over four years for the programme. He said Abdul-Nasser Suglo Alidu, then Head of Strategy and Programmes at the 24-Hour Economy Secretariat, had set a target of at least 1.7 million jobs within the same period. President John Dramani Mahama subsequently launched the 24-Hour Economy and Accelerated Export Development Programme, known as 24H+, on July 2, 2025. The initiative was designed to expand production, boost exports, attract private investment and create jobs. However, Prof. Boadi cited a MyJoyOnline report published on October 19, 2026, in which Mr Suglo Alidu reportedly said the Secretariat could not provide a total figure for jobs created under the programme. “I won’t be able to give you a number in terms of the total number of jobs the 24-hour economy created. We don’t want to throw numbers around,” Mr Suglo Alidu was quoted as saying. Prof. Boadi said the absence of a verified employment figure made it difficult for the public to assess progress towards the programme’s 1.7 million-job target. He argued that a programme of that scale should have a system for measuring and verifying employment outcomes from the outset. The institute also questioned the Secretariat’s reported announcement in July 2026 that agreements worth approximately $5.5 billion had been signed, with four projects expected to generate more than 160,000 direct jobs. Prof. Boadi said the government needed to clarify how much of the reported amount represented binding financing commitments, how much had been disbursed and which projects had progressed to implementation. He cautioned against treating signed agreements or projected employment figures as evidence that financing had been secured or jobs had already been created. The institute is demanding a breakdown of the original $4 billion financing target, including the amounts pledged, secured, released and spent, alongside details of projects completed and those still awaiting implementation. It also wants the government to distinguish between permanent, temporary and indirect jobs and employment opportunities that remain projections. Prof. Boadi raised a separate concern over what he described as a discrepancy between two figures for the 24-Hour Economy programme in the 2026 Budget documents. He said the detailed expenditure table in the Budget presented by Finance Minister Dr Cassiel Ato Forson on November 13, 2025, listed GH¢90 million for the programme, comprising GH¢70 million for goods and services and GH¢20 million for capital expenditure. However, he said the Budget Speech cited an allocation of GH¢110 million. Prof. Boadi called on the government to reconcile the figures and disclose how much was actually released and spent. He stressed that a budgetary allocation did not necessarily mean the entire amount had been disbursed or expended. The institute is seeking a clear account of the programme’s financial performance and the outputs achieved with the resources released. The concerns come as the government prepares to advance its proposed $10 billion New Economy initiative, which Prof. Boadi said President Mahama announced on August 14, 2026. The programme is expected to run over four years, with an estimated $2.5 billion annually allocated across seven priority sectors. Prof. Boadi acknowledged the importance of investment in agriculture and agro-processing but questioned the timing of the proposal, particularly the reported allocation of $5 billion to those sectors. He said the government should provide a credible financing and implementation plan and demonstrate how the proposed initiative would build on lessons from the 24-Hour Economy programme. He also called for clarity on the sources of funding, including the respective contributions expected from public resources, private investors, development partners and financial institutions. Prof. Boadi urged the government to explain whether the programme could create additional fiscal obligations or contingent liabilities for the State. He said the proposed investment criteria, sectoral allocations, implementation timetable and accountability arrangements should be made public. According to Prof. Boadi, the Finance Minister has indicated that consultations on the initiative are ongoing, with further details expected in the 2027 Budget. Prof. Boadi outlined five measures he wants the government to implement. First, he called for a comprehensive financing and implementation report on the 24-Hour Economy, detailing pledges, signed agreements, funds disbursed, expenditure incurred and projects completed. Second, he demanded independently verifiable employment figures that distinguish permanent, temporary and indirect jobs from projected opportunities. Third, he wants the government to reconcile the GH¢90 million and GH¢110 million figures in the 2026 Budget documents and disclose actual releases and expenditure. Fourth, he called for the publication of the New Economy initiative’s financing structure, investment criteria, sectoral allocations, implementation timetable and accountability mechanisms. Finally, he proposed a public dashboard, supported by periodic independent audits, to track financial commitments, disbursements, project milestones and jobs created. Prof. Boadi said these measures would allow citizens to assess whether the government’s economic programmes were delivering the results promised. The IERPP Executive Director argued that Ghana’s challenge was not necessarily a shortage of economic plans but the need for stronger accountability for commitments made under them. He warned that announcing ambitious financial targets without publishing comprehensive progress reports could weaken public confidence in government initiatives. Prof. Boadi said the government should demonstrate how much had actually been invested under the 24-Hour Economy, what the expenditure had achieved and how the lessons would inform the proposed New Economy programme. “The era of announcing numbers must end. The era of accounting for results must begin,” he said. He urged the administration to make transparency, financial accountability and measurable outcomes central to both programmes.