24-Hour Economy’s job creation push yet to gather speed – Nii Moi Thompson

Dr Nii Moi Thompson, the Chairman of the National Development Planning Committee, has stated that the job creation aspect of the government's 24-hour economy programme has not gained sufficient traction to produce substantial results. While acknowledging efforts to attract investments under the initiative, Dr Thompson emphasized the importance of shifting focus towards small and medium-sized enterprises (SMEs).

The 24-hour economy, a key concept derived from the 48 Development Plan, encompasses a range of businesses, requiring a longer gestation period for big businesses to yield results. Dr Thompson anticipates the next phase of the programme to place greater emphasis on SMEs to ensure a more balanced job creation across the economy. Analysis conducted prior to the programme's adoption revealed that existing businesses contribute significantly to new job creation, with approximately 80% of new jobs being generated by these enterprises.

Dr Thompson reiterated that job creation is a core promise of the 24-hour economy, but highlighted the need to address the quality of existing jobs, as Ghana faces challenges with unemployment, underemployment, and poor-quality work.