New Economy raises questions over delivery of 24-hour economy – IPPA

The Institute of Public Policy and Accountability (IPPA) has questioned the government's proposed $10 billion New Economy programme, demanding clarity on how it differs from the 24-Hour Economy initiative announced earlier as a major driver of job creation and economic transformation.

In a press statement signed by the Executive Director of the Institute ahead of the 2027 Budget Statement, the Institute said Ghanaians needed explanations about the new programme, particularly when several flagship interventions announced in the 2026 Budget had yet to demonstrate tangible results.

The proposed New Economy programme is expected to attract $10 billion in investment between 2027 and 2030.

However, IPPA said the government must first account for the implementation of existing commitments rather than introduce new programmes extending beyond its current mandate.

It argued that the 2026 Budget had raised expectations of a transition from macroeconomic stabilisation to investment-led growth, job creation and economic transformation, but questioned whether the promised outcomes were materialising.

The Institute cited a decline in non-oil GDP growth from 8.2% in the first half of 2025 to 5.9% in the corresponding period of 2026 as evidence of what it described as stagnating economic performance.

It also pointed to October 2026 figures from the Ghana Statistical Service (GSS), which it said showed that close to two million young people were neither employed nor in education or training.

"Where are the millions of jobs promised under the Big Push?" the Institute asked, questioning the employment impact of the government's investment commitments.

IPPA said the 2026 Budget provided for total expenditure of GH¢302.46 billion, including GH¢57.53 billion in capital expenditure, and committed GH¢30 billion to the flagship Big Push infrastructure programme.

It noted that the budget also outlined interventions across agriculture, energy, health, education, transport and housing.

However, the Institute maintained that the effectiveness of a budget should be measured by its delivery rather than the size of its allocations or the number of programmes announced.

On agriculture, IPPA said several interventions presented as central to the government's transformation agenda had yet to show significant implementation.

These include the Farmer Service Centres, Feed Ghana Programme, Oil Palm Development Programme, construction of 1,000 kilometres of agricultural enclave roads, a GH¢200 million food buffer-stock intervention and the provision of mechanisation equipment to farmers.

The Institute said the initiatives were intended to move Ghana from subsistence farming towards a more productive and commercially oriented agricultural sector.

"Little or nothing has been done to implement these agricultural policies," it claimed, adding that it expected the Finance Minister to provide updates on their implementation in the 2027 Budget Statement.

IPPA also raised concerns about the implementation framework for the 24-Hour Economy, which was presented as a key mechanism for expanding production and creating employment.

Citing its December 2025 assessment, the Institute said it had questioned whether the resources allocated in the 2026 Budget were adequate to support the programme's full implementation.

It also identified a lack of sufficiently clear targets and rollout arrangements as weaknesses that could undermine the initiative.

According to IPPA, the central challenge confronting the government is the gap between its policy ambitions and the financial, institutional and implementation capacity required to translate them into measurable outcomes.

It argued that the government was approaching its third year in office without demonstrating sufficient progress on several flagship policies announced in previous budgets.

Ghana, the Institute said, needed fewer ambitious programme announcements and greater accountability for existing commitments.

"Ghana does not need another budget filled with impressive project names and ambitious policy targets. It needs a government that can deliver what it has already promised," the statement said.