‘It’s just repackaging; there is nothing new’ – Economist on govt’s new Economy programme

Economist George Domfeh has expressed skepticism over the government's proposed New Economy initiative, suggesting it is merely a rehash of development plans from previous administrations. He stated that the initiative closely mirrors the 24-hour Economy policy introduced under President John Mahama, viewing it as a repackage of a previously existing vision rather than a novel economic path forward.

Speaking on Adom FM’s Dwaso Nsem after the release of the 2027 Budget, Domfeh remarked that past governments have consistently presented ambitious development strategies that, while well-articulated on paper, often faltered in delivering the anticipated transformation. He cited the legacy of prior administrations, including the Vision 2020 plan from former President Jerry John Rawlings, the successive Poverty Reduction Agendas of John Agyekum Kufuor, the Better Ghana Agenda under John Evans Atta Mills, and the Ghana Beyond Aid strategy from Nana Akufo-Addo.

Domfeh posited that while these initiatives boasted laudable development objectives, their execution did not yield the desired economic upliftment. Initially, he welcomed the 24-hour Economy policy, perceiving it as a chance to consolidate the developmental ambitions of preceding governments. He reiterated that the New Economy appears to be a repackaged version of the 24-hour Economy, particularly in its focus on boosting industrial production, job creation, and industrial development.

Domfeh contended that the New Economy initiative essentially embodies the same objectives as the 24-hour Economy, emphasizing that the two are largely interchangeable. Despite his criticism of the initiative's originality, Domfeh acknowledged its potential value, provided the government successfully translates its promises into tangible outcomes.

He argued that if implemented effectively, the initiative could combat unemployment by stimulating the creation of more factories, broadening industrial endeavors, and rendering agriculture more appealing to younger generations. He underscored the importance of Ghana progressing beyond mere rhetoric and concentrating on cultivating the environment that enables businesses and industries to grow and generate employment opportunities.