The Acting Chief Executive Officer of the National Petroleum Authority (NPA), Godwin Edudzi Tamaklo, has highlighted the potential of the newly launched 24-hour economy policy to create jobs and add value to Ghana’s raw materials.
Mr. Tamaklo said the policy seeks to address unemployment while moving the country from merely exporting raw materials to producing finished goods for foreign markets.
Speaking on TV3’s KeyPoints show on Saturday, July 5, the NPA boss explained that the initiative will drive productivity and industrial transformation.
“When we take our cocoa abroad, we only get chocolate from Switzerland and the rest. The value addition is not done by us, but that is really where the money is,” he noted.
He added, “President Mahama is saying that it is not just a 24-hour economy, but an integration to have a full-cycle economy. For instance, gold produced in Ghana can be turned into valuable items locally, creating jobs for our young people. Tomorrow, when you walk into big shops in Switzerland or the US, the necklace you see should be a Ghanaian brand produced here.”
The 24-hour economy policy, launched on July 2, aims to boost productivity by encouraging businesses to operate three shifts daily.
The government has proposed corporate tax rebates to incentivise participating companies.
At the launch, President John Dramani Mahama described the policy as a revival of Ghana’s founding vision of industrial transformation first championed by Osagyefo Dr. Kwame Nkrumah.
