The Association of Ghana Industries (AGI) is pessimistic about the success of the government's 24-hour economy policy, pointing to the recent 2.45% increase in electricity tariffs.

Speaking to Citi News, Greater Accra Regional Chairman of AGI, Tsonam Akpeloo, said businesses that will participate in the programme will run at a loss as they will consume much electricity.

According to him, “If you’re talking about a 24-hour economy, you’re asking industry to work beyond the usual eight hours and continue through the night. That means higher electricity consumption. The cost of power will increase—possibly doubling what we’ve previously paid."

“A 2.5% increase under normal production is one thing, but with extended hours, the actual cost impact will be far greater," he added.

The Public Utilities Regulatory Commission (PURC) announced an increase in electricity tariffs of 2.45% across the board, effective Monday, July 1.

It noted that there will be no increase in water tariffs. According to the Commission, the factors it took into consideration before concluding the hike in tariffs include the exchange rate, inflation rate, price of natural gas, electricity generation mix, outstanding debt of GHC488 million carried over from the previous three quarters.

Today, the government launched the 24-hour economy policy.

The policy’s objective is to enhance economic productivity by encouraging businesses to operate continuously, creating more job opportunities, boosting revenue generation, and improving service delivery.

Sectors such as manufacturing, transportation, retail, healthcare, hospitality, and financial services stand to benefit significantly from this model.

His Excellency, President John Dramani Mahama, has indicated that the government does not plan to heavily interfere in its flagship programme, the 24-Hour Economy policy.

“The private sector will lead the 24-Hour Plus programme. Government will facilitate and not dominate,” the President stated.

According to him, "Any government funding in 24-hour plus will be catalytic, serving as seed funding for the 24-hour plus authority and support bulk infrastructure”.

Mr Goosie Tanoh, the Presidential Advisor on the 24-hour economy policy, said the programme is expanded into three anchors: "production transformation, supply chain and market efficiency, and human capital development."

The three anchors, according to him, are supported by eight sub-programmes.

"Roll 24 - which is the agricultural component, Make 24 - which is the manufacturing component, Connect 24 - the supply chain component, Aspire 24 - which is the mindset change, the resetting of the Ghanaian and Ghanaian bureaucracy with a strong and powerful attitude to work and productivity,” he explained.

According to him, the government is set to include strong digital technology training in the TVET curriculum to train and equip an employable workforce with the requisite skills for employment opportunities.

Another component, dubbed 'Show Ghana,' is also set to focus on an intentional effort and approach by the government to give visibility to Ghana's rich cultural heritage to the rest of the world to attract more tourists and increase revenue generation through tourism.