The Chief Executive Officer of the Ghana National Chamber of Commerce and Industry (GNCCI), Mark Badu-Aboagye, has raised red flags over Ghana’s high industrial energy costs, warning that they could undermine the successful implementation of the 24-hour economy policy recently launched by the National Democratic Congress (NDC).
Speaking on PM Express on a popular TV station JoyNews on Monday, July 7, Mr. Badu-Aboagye said energy remains one of the most significant cost burdens facing local businesses—one that government must urgently address if the country is to realize the full potential of round-the-clock economic activity.
“In Ghana, the cost per kilowatt hour for manufacturing companies ranges between 12 and 15 cents,” he noted. “Meanwhile, our competitors pay less than five cents. That puts Ghanaian producers at a serious disadvantage.”
Mr. Badu emphasized that without tackling this core issue, the 24-hour economy risks being reduced to a mere political catchphrase.
“Launching a 24-hour economy will not change the harsh business environment that we are facing now,” he cautioned.
While acknowledging recent macroeconomic improvements such as inflation declining to 13.7%, the GNCCI boss insisted that these gains must translate into lower operational costs and an improved ease of doing business.
“This is a safe space for us to possibly start accepting a 24-hour economy. It is a good start, but it’s not enough,” he said. “Having inflation down to 13.7% is a necessary condition, but not sufficient to change the structure of the economy.”
He urged government to focus on creating a more enabling environment by addressing structural barriers, particularly in energy pricing, regulatory efficiency, and production infrastructure, if the 24-hour economy is to become a meaningful economic transformation tool rather than a slogan.