The Minority spokesperson on Food and Agriculture, Eric Opoku, says that a 24-hour economy will enhance productivity and boost government revenue.
According to him, cocoa is a crucial pillar of the Ghanaian economy, contributing no less than $2 billion annually.
Mr Opoku noted that, while Ghana is seeking a loan of $3 billion from the IMF over three years, cocoa alone can generate $2 billion each year.
The Member of Parliament (MP) for Asunafo South lamented that under the current administration led by President Akufo-Addo and Dr Mahamudu Bawumia, the cocoa sector is struggling.
Speaking on the floor of Parliament, he said, “It has collapsed. In fact, it is not something that we can even talk about. In 2016, Ghana produced 969,000 tonnes of cocoa; at that time, total office expenditure was around GHȼ363 million.
“In 2021, Ghana produced 1,045,000 (tonnes) and office expenditure ballooned to GH₵1,700,000,000. In 2022, cocoa production declined from 1,045,000 tonnes to 683,000 tonnes, but office expenditure increased from1.7 billion to 2.6 billion (Cedis).
“The worst of all was that in 2023, cocoa production declined further to 655,000, but office expenditure did not decline. It increased to 3.4 billion.”
Mr. Opoku said the Auditor General has reported to parliament that it is largely due to head office expenditure.
The MP noted that Ghana is continuously delaying the payment of debts. He explained that external creditors have extended the deadline for Ghana until 2026, which means Ghana has only 2025 to prepare for and repay its debts in 2026.
Mr Opoku cautioned that $1.6 billion of the $3 billion IMF facility has already been utilised. He warned that if proper investments are not made with this money, there will be insufficient funds to cover the payments due in 2026.
The MP said that the current challenges are merely being deferred to the next generation.
“To get out of this mess, all we have to do is work hard. We used to work for eight hours. What we are saying is that we are not going to work to rest for 18 hours.
“Let’s make economic use of all these hours so that within a day, if we are producing goods valued at $20 million, we want to make it $60 million. At the end of the day, if we are putting together the Gross Domestic Product, the value would be very huge, and when you take the Debt to GDP, Ghana would have a sound economy that everybody can associate with.”
Mr. Opoku stated that every economic policy is designed to address a specific issue.
He pointed out that Ghana’s current economic challenges include high unemployment, lack of industrial activity, low revenue, very low incomes, and overwhelming debt.
Mr. Opoku emphasised that a policy is needed to boost production, industrialise the economy, add value to agricultural raw materials, and create jobs to enhance productivity.
“So, you need one policy that can address all these issues, including the ballooning exchange rate with disastrous consequences on the growth of our economy, and we think that with the 24-hour economy, all this issue can be addressed”.