Accra: Professor Godfred Bokpin, an economist, emphasized the necessity for the government to incorporate robust Key Performance Indicators (KPIs) in the recently unveiled 24-Hour Economy initiative. He stressed that without measurable targets and clear accountability, the initiative could mirror the failures of previous national development programs that, despite good intentions, underperformed.

According to Ghana News Agency, Professor Bokpin, speaking on a current affairs program on the Media General platform, advocated for embedding a rigorous monitoring mechanism akin to the International Monetary Fund (IMF) Programme. He pointed out that the IMF’s structured reporting, characterized by detailed data and regular reports from key institutions such as the Ministry of Finance and the Bank of Ghana, could aid in periodic analysis and enhance measurability.

Professor Bokpin emphasized that such structured reporting encourages ownership and binds institutions to their commitments, a crucial element currently missing in the government’s new economic vision. He argued that incorporating KPIs and monitoring strategies would allow policymakers to effectively analyze the 24-hour economy, identify deviations, and implement necessary reforms across various sectors.

He further proposed that by integrating clear KPIs and leveraging existing institutional frameworks, the 24-hour economy could evolve from a mere concept into a measurable and accountable national development program. Professor Bokpin advised against the establishment of new, potentially costly secretariats or authorities for implementing the policy, highlighting past initiatives like the Northern Development Authority, which incurred high administrative costs with limited outcomes.

Instead, he recommended utilizing existing national institutions such as the Ministry of Finance, the Ghana Statistical Service, and the Bank of Ghana, which already possess the capacity and mandate for data collection and reporting. This approach, he noted, would ensure low-cost implementation and integrate the policy within the current system, promoting wider ownership and sustainability.