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Introduction

“Structural transformation is the engine of economic growth—it is how countries move from poverty to prosperity.” — Justin Yifu Lin, Former Chief Economist, World Bank (Lin, 2012).

The Ghanaian economy continues to reflect persistent structural vulnerabilities, notably its heavy dependence on imports, which places significant strain on foreign exchange reserves (Aryeetey & Baah-Boateng, 2015). These challenges are compounded by fragile macroeconomic indicators, such as high fiscal deficits and debt levels, which undermine investor confidence and constrain long-term economic planning (IMF, 2022). Additionally, the volatility of the Ghanaian cedi weakens economic predictability, heightens inflationary pressures, and disrupts business operations (Ackah et al., 2020).

To address these longstanding issues, successive governments have aspired to strengthen domestic production, enforce fiscal discipline, and diversify the country's export base (UNCTAD, 2021). However, achieving these goals has remained a complex task. In a bold and forward-looking effort to change the narrative, the President of Ghana has introduced the 24-Hour Economy Policy. This transformative framework is designed to stimulate job creation, enhance productivity, expand export capacity, and promote inclusive economic growth.

In the words of the President of the Republic, H.E. John Dramani Mahama, “The 24-Hour Economy is more than just a policy; it’s a catalyst for industrialization, export promotion, and job creation. It’s about building an economy that works for everyone, every hour of the day.” The policy signals a strategic shift toward industrial vibrancy, improved service delivery, and optimized infrastructure use, laying the foundation for a more competitive and sustainable economy.

From a project management perspective, implementing the 24-hour economy presents a complex yet exciting opportunity. It requires a multidisciplinary, strategic, and phased approach grounded in globally recognized project management principles (PMI, 2021). This article analyzes the policy through the lens of project management by examining key dimensions such as project initiation, stakeholder engagement, risk management, resource planning, execution, monitoring, and evaluation.

Project Initiation: Defining Vision, Objectives, and Scope

Every successful project begins with an articulated vision, measurable objectives, and a well-defined scope (Kerzner, 2017). In the context of Ghana’s 24-hour economy initiative, project initiation is the strategic phase where foundational clarity is established to guide the entire implementation lifecycle.

The 24-hour economy policy envisions a productive, job-rich, and globally competitive Ghana, where key economic sectors operate continuously, unleashing the untapped potential of nighttime economic activity. The core objectives must be translated into project-aligned goals to ensure targeted and trackable results (Turner, 2014). These include enhancing national productivity, creating sustainable employment, increasing exports, and improving access to essential services during night hours.

Scope Definition and Sector Prioritization: For the Ghana 24-Hour Economy Policy, a clearly defined scope is crucial to avoid scope creep and ensure alignment with resources and national priorities (Heldman, 2021). Sector prioritization must rely on economic contribution, employment potential, and logistical feasibility (OECD, 2020). Similarly, pilot programs in urban and industrial zones align with best practices in project management.

Policy Instruments and Feasibility Studies: Policy coherence through regulatory reforms, labor law adjustments, and incentive systems is necessary to support the transition (ILO, 2022). Conducting a detailed feasibility study also aligns with standard practice in project initiation (Bryson, 2018), evaluating factors such as energy readiness, labor supply, environmental sustainability, and legal frameworks (World Bank, 2019).

Stakeholder Identification and Engagement

Stakeholder engagement is critical for national-scale initiatives, and inadequate consultation often results in policy failure (Freeman, 2010). For the 24-hour economy to succeed, stakeholder analysis and mapping must be performed. These stakeholders include governmental agencies, the private sector, labor unions, and local communities. According to project management best practices, stakeholder involvement enhances transparency, minimizes resistance, and builds legitimacy (PMI, 2021). Tools such as the power-interest grid and communication strategies (e.g., consultations, town halls, media campaigns) are essential in mobilizing support and addressing concerns (Bourne, 2015).

Resource Planning and Infrastructure Readiness

“No country has ever sustained long-term growth without a well-managed strategy for mobilizing and allocating resources.” — Justin Yifu Lin (Lin, 2012).

The successful implementation of the 24-hour economy requires coordinated planning of energy, labor, transport, technology, and urban infrastructure (UNDP, 2022). Project resource planning encompasses cost estimation, capacity analysis, and infrastructure readiness (Kerzner, 2017).

Energy: Energy security is a foundational pillar of the 24-hour economy. Stable electricity supply is critical for night operations (IEA, 2021). Partnerships with ECG and IPPs must ensure synchronized delivery.

Human Resources: Shift-based labor systems require attention to occupational health, welfare, and productivity (ILO, 2022). Compensation schemes and shift scheduling must be legally sound and socially acceptable (WHO, 2019).

Transport and Security: Nighttime transport systems and policing must be enhanced to ensure safety and reliability (UN-Habitat, 2021). Urban design should include lighting, CCTV, and rapid-response units (AfDB, 2020).

Financing: Public-private partnerships, donor funding, and state allocations must be structured with accountability mechanisms (World Bank, 2020). Project-based budgeting models help allocate resources efficiently (OECD, 2022).

Risk Management: Anticipating and Mitigating Threats

“Economic transformation is never linear; it is full of shocks and surprises. Managing risk is what keeps reform on track.” — Ngozi Okonjo-Iweala (Okonjo-Iweala, 2014).

Risk management is an integral component of project success (Hillson, 2012). Ghana’s 24-hour economy presents operational, labor, social, financial, and environmental risks. Risk Identification and Categorization: Key risks include power instability, labor unrest, public safety, regulatory delays, and increased pollution (UNEP, 2020). Social and gender-based risks, particularly for nighttime workers, also require attention (UN Women, 2021).

Mitigation Strategies: Proactive strategies include labor reform, community sensitization, infrastructure upgrades, financial buffers, and regulatory enforcement. Adaptive risk frameworks can guide policy response (Aven, 2016).

Pilot Testing and Agile Implementation

“Development should be seen as a process of discovery...” — Dani Rodrik (Rodrik, 2007).

Piloting enables phased experimentation and agile adaptation—a proven method for implementing complex public policies (Bryson et al., 2021). KPIs must be defined to track impact, including job creation, energy reliability, crime levels, and consumer usage (UNDP, 2021). Agile project management emphasizes flexibility, iteration, and stakeholder feedback loops (Highsmith, 2013). These approaches are especially relevant in dynamic, cross-sectoral initiatives like Ghana’s 24-hour economy.

Monitoring, Evaluation, and Impact Assessment

“Progress is only meaningful when it can be tracked...” — Ngozi Okonjo-Iweala (Okonjo-Iweala, 2014).

MEIA frameworks are central to public accountability and learning. Performance metrics must be tracked across economic, social, and operational dimensions. Data-driven evaluations help adapt policies and justify scaling (World Bank, 2021). Best practices recommend midterm, end-of-pilot, and post-implementation evaluations (UNDP, 2019). Indicators must reflect not just outputs (e.g., hours extended) but outcomes (e.g., improved livelihoods, industrial output).

Conclusion

“Development is about transforming the lives of people, not just transforming economies.” — Joseph E. Stiglitz (Stiglitz, 2006).

The success of Ghana’s 24-Hour Economy Policy depends not just on political will but on disciplined execution through robust project management. From initiation and stakeholder engagement to agile implementation and impact assessment, project management principles offer the tools needed to convert vision into measurable transformation (PMI, 2021). In a world of uncertainty and opportunity, this framework is Ghana’s strategic pathway to inclusive, resilient, and globally integrated development.

 

ABRAHAM AGURIBA (PMP, MPhil, EMBA, B.A)

Financial Service’s Think Tank,

Project Management Institute (PMI), Ghana Chapter.