By Nana Agyei | 22 January, 2025
Minister-Designate for Trade, Agribusiness, and Industry, Elizabeth Ofosu-Adjare, has proposed implementing a 24-hour economy to address the challenges facing the One District, One Factory (1D1F) initiative. Speaking during her vetting by Parliament’s Appointments Committee, Ofosu-Adjare acknowledged the program’s successes, but also highlighted significant hurdles, including raw material shortages and limited access to capital.
Despite government support through subsidized loans and a capped interest rate of 20%, market fluctuations have raised interest rates to 55%, leaving a 15% funding gap for businesses. Furthermore, the government’s inability to fulfill its promise of covering 10% of the subsidized interest rate has exacerbated the situation.
Ofosu-Adjare believes that transitioning to a 24-hour economy would maximize productivity, mitigate supply chain challenges, and enhance output. This proposal aims to address the challenges faced by agro-processing factories, which have struggled to process raw materials due to lack of access to capital.
The 24-hour economy concept has raised questions, with some seeking clarification on its implementation and potential impact. Nevertheless, Ofosu-Adjare remains optimistic that this solution will help overcome the challenges facing the 1D1F initiative.
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