24-Hour Economy Unrealistic with Import-Driven Market,” Odike Tells NDC

Business mogul and Leader of Union Government Movemwnt (UGM), Mr. Akwasi Addai Odike, has criticized the National Democratic Congress (NDC)’s proposition of transitioning Ghana into a 24-hour economic model, stating it is an impractical vision within the country’s current import-driven market structure. Speaking at a business forum in Accra yesterday, Odike highlighted the fundamental challenges that Ghana’s economy faces, emphasizing the need for a radical shift towards export orientation to realize such ambitious economic reforms.

“Transitioning to a 24-hour economy requires not just infrastructural readiness but also a significant shift in our economic foundations,” Odike said.

Our heavy reliance on imported goods for both consumer and industrial use undermines our economic independence and resilience, making the dream of a round-the-clock economy far-fetched under the current circumstances.

Odike, known for his outspoken views on economic nationalism, pointed out that the NDC’s vision, though commendable for its forward-thinking approach, fails to address the core issue of building a self-sustaining economy. He argues that without a strong domestic production base, the idea of a 24-hour economy could exacerbate the country’s trade deficit, putting further pressure on the Ghanaian cedi and leading to increased inflation.

The key to a successful 24-hour economy lies in strengthening our local industries, reducing import dependency, and boosting exports. This will not only provide the necessary economic stability for such a model but also create jobs, improve incomes, and enhance the quality of life for our people,” Odike elaborated on Hot 93.1 FM’s political with Agya Wusu on Monday.

As Ghana gears up for the next election cycle, the debate over the country’s economic future continues to intensify. With proposals like the 24-hour economy on the table, voters are keenly watching to see which party offers a viable path toward sustainable economic development.

Odike’s critique opens up a broader conversation about the direction of Ghana’s economic policy. As discussions unfold, it’s clear that whatever the outcome, the focus must remain on building an economy that benefits all Ghanaians, supports local industries, and stands resilient in the face of global market fluctuations.

AMN | Anochie’s Report | Accra.