Ghana's former Finance Minister, Dr. Mohammed Amin Adam, has criticized the Mahama administration for rebranding its failed 24-Hour Economy program under a new name, the New Economy. He argues that the initiative has failed to deliver on its original objectives and that the government is simply repackaging old projects. Dr. Amin Adam made these remarks on November 13, a day after Finance Minister Dr. Cassiel Ato Forson presented the 2027 Budget Statement and Economic Policy to Parliament.
Dr. Amin Adam questioned why the government would transfer projects from the 24-Hour Economy into the New Economy framework if the original program was still being implemented. He challenged the administration to come clean with Ghanaians about the fate of the 24-Hour Economy program, insisting that the government should acknowledge its failure rather than present it under a different identity. The former minister argued that the government must admit and tell the Ghanaian people the truth about the program's failure.
Dr. Amin Adam also cast doubt on the government's capacity to finance the New Economy program, which is projected to require US$10 billion over four years. He questioned how the administration intended to mobilise the proposed funding, particularly when it had allegedly struggled to implement the 24-Hour Economy program, which was estimated to cost US$4 billion. The former Finance Minister expressed skepticism about the government's ability to fund the new program.
The former Finance Minister further challenged the government's presentation of some projects under the New Economy as fresh interventions, pointing to the proposed oil palm development program. He said the initiative had already featured in the 2026 Budget, presented in November 2025, with plans to cultivate 100,000 hectares of oil palm and generate 250,000 jobs. Dr. Amin Adam argued that the same targets had been repackaged as part of the New Economy agenda despite little progress towards implementation.
Dr. Amin Adam also questioned the decision to present the oil palm initiative as a new intervention when the land required for its implementation had not yet been acquired. He called on the government to account for the progress of the projects previously announced under the 24-Hour Economy program. The former minister's comments suggest that the government's new program may not be as new as it seems.
The minority's criticism of the government's New Economy program highlights the ongoing debate about the effectiveness of the administration's economic policies. The government's ability to implement the new program and deliver on its objectives will likely be closely watched by Ghanaians and international observers. The program's success or failure may have significant implications for the country's economic development.
The government's response to the minority's criticism and the effectiveness of the New Economy program will be crucial in determining the country's economic trajectory. The administration must provide clear explanations and justification for the program's objectives, funding, and implementation. Ultimately, the success of the program will depend on the government's ability to deliver on its promises and address the concerns of its critics.
Key points
- The minority criticizes the government's New Economy program as a rebranded 24-Hour Economy that failed to deliver on its objectives.
- The program requires US$10 billion in funding over four years, which the minority questions the government's ability to finance.
- The government is accused of repackaging old projects, including the oil palm development program, as new interventions under the New Economy agenda.
