Ghana’s 24-Hour Economy Must Prioritize Value Addition, Says Exporters’ President

The President of the Federation of Ghanaian Exporters, Davies Korboe, has raised critical concerns over the government's proposed 24-Hour Economy policy, urging that it must prioritize value addition if it is to truly transform Ghana’s economy. Speaking on the PM Express program on Joy News channel, Korboe emphasized that while the policy’s potential for boosting productivity and job creation is promising, it must be strategically designed to focus on local manufacturing and the processing of raw materials.

■ Value Addition is Key to Economic Growth

Korboe’s remarks come amid growing discussions about the 24-Hour Economy policy, which aims to extend business hours to drive economic activity and reduce unemployment. While many support the initiative, Korboe warned that a mere extension of shop hours would not significantly impact the economy.

“A 24-hour economy that simply keeps shops open longer won’t change much,” he said. “We must use this opportunity to strengthen our capacity to add value to what we produce—especially in agriculture and natural resources. That is how we’ll create real jobs and earn more from exports.”

Korboe’s call underscores the importance of moving beyond raw exports and focusing on processing and manufacturing to maximize the value of Ghana’s agricultural and natural resources.

■ The Risk of a Populist Initiative

The Federation President cautioned that without a clear focus on industrialization and export development, the 24-Hour Economy policy risks becoming a populist initiative with little long-term economic impact. He highlighted that Ghana’s natural resources—such as cocoa, shea, gold, and timber—are often exported in their raw form, meaning the country misses out on greater economic returns that could come from processing these materials domestically.

“If we’re serious about competing globally, then we need to process our cocoa, our shea, our gold, our timber—not just export them raw. That’s the game changer,” Korboe emphasized.

■ Collaboration is Crucial for Success

In a bid to ensure the 24-Hour Economy policy delivers meaningful results, Korboe urged policymakers to engage key stakeholders, including exporters, manufacturers, and industry associations. By collaborating with the private sector, he believes the policy can be designed in a way that reflects the realities of businesses and the national economy.

He explained, “We need a policy that understands the needs of our private sector, and that will allow us to add value to what we produce so that we can compete on the global stage and reap the full benefits of our natural resources.”

■ A Path to Economic Transformation

The 24-Hour Economy policy, touted by government officials as a potential engine for economic recovery and job creation, continues to be a key talking point in Ghana’s national discourse. While it remains in the planning stages, the focus on increasing productivity is already being debated—especially by those who believe that Ghana’s future economic prosperity lies in the industrialization of its natural resources.

With the right design and a focus on value addition, Korboe’s vision for a 24-Hour Economy could set Ghana on a path toward becoming a more competitive and self-reliant nation, bolstering its exports and creating lasting economic opportunities for its citizens.

As Ghana navigates these critical decisions, the nation will be watching closely to see if the government embraces Korboe’s call to turn the 24-Hour Economy policy into a transformative force for local manufacturing, industrialization, and export development.