Where will the money come from? MP questions 24-hour economy funding

The government’s proposed financing model for its 24-Hour Economy programme could come under pressure in 2027 if revenue targets are not met, Member of Parliament for Manso Nkwanta, Tweneboa Kodua Fokuo, has warned.

He argued that the government’s plan to create fiscal space for the programme depended heavily on revenue expected to be generated in the future rather than funds already available.

According to him, this raises questions about the sustainability of the initiative, particularly amid projections of slower economic growth in 2027.

Speaking on Joy News’ PM Express on Tuesday, November 10, ahead of the presentation of the 2027 Budget by Finance Minister Dr Cassiel Ato Forson, Mr Fokuo said the government could struggle to finance the programme if revenue mobilisation fell short of expectations.

“It's not as if we have the money at hand now. No, we don't have the money now,” he said.

Mr Fokuo explained that the financing arrangement appeared to rely on a proposed adjustment to the primary surplus target from 1.5 per cent to 0.5 per cent of gross domestic product (GDP), which would create additional fiscal space for spending on the programme.

However, he cautioned that the resources expected to support the initiative would depend on revenue that the government was yet to collect.

He further pointed to projected economic growth slowing from 6.2 per cent in 2026 to 4.9 per cent in 2027, arguing that weaker growth could complicate revenue mobilisation and put the programme’s financing under strain.

“If you look at revenue that has been generated this year, even when the economy is growing at 6.2 per cent, versus 2027 that we are projecting to slow down to 4.9, what it means is that we are likely to struggle in terms of revenue for 2027,” he said.

The Manso Nkwanta MP consequently questioned the source of funding if government revenue underperformed.

“If we do struggle for 2027, then you ask yourself where would the funding for the new economy really come from?” he asked.

Mr Fokuo also criticised the earlier approach to financing the 24-Hour Economy programme, arguing that the private sector had not responded as expected because adequate measures were not put in place to manage the risks associated with participation.

He said the absence of a clear risk-management framework had weakened private-sector interest, leaving the government to consider a financing arrangement that would place greater responsibility on public resources.

“When the private sector did not jump on board as was expected, because it was just a slogan, it was just a pronouncement, but nothing was done to really manage the risks thereof, the private sector had no interest,” he said.

He described the current arrangement as a repackaging of the programme, with government funding expected to play a more prominent role.

The MP’s comments come as attention turns to the 2027 Budget, which is expected to provide further details on the government’s economic priorities, revenue projections and financing plans.

The Budget will be closely watched for clarity on how the government intends to fund the 24-Hour Economy initiative, attract private-sector investment and ensure that its commitments are supported by sustainable revenue sources.

The extent to which the government can mobilise the required resources while maintaining fiscal discipline will be central to assessing the programme’s financing arrangements.