Sammy Gyamfi reports 90% of GoldBod gold now refined locally

Stephen Adei warns infrastructure gaps threaten 24-hour economy

Professor Stephen Adei, former Rector of the Ghana Institute of Management and Public Administration (GIMPA), has warned that infrastructure deficiencies, specifically power deficits and unreliable internet connectivity, could undermine the government's 24-hour economy initiative. Speaking at the 37th CIMG Annual National Marketing Performance Awards, Adei emphasized that while the policy holds potential, its success is contingent on addressing foundational issues like water pollution and energy stability to support a modern, AI-driven economy. He noted that while the government has made progress in developing industrial areas, the viability of 24-hour markets depends on these basic service improvements. Adei called on President John Mahama to move beyond short-term stabilization and present a 40-year national development plan to guide Ghana’s long-term economic transformation. While acknowledging recent progress, including declining inflation and improved foreign reserves, he cautioned that stability alone is insufficient for sustainable development. He urged the administration to clarify the distinction between slowing inflation and rising prices for the public and stressed the importance of maintaining fiscal discipline to preserve gains made under debt restructuring and international support programs. Addressing the extractive sector, Professor Adei highlighted a significant rise in gold production, which grew from 63 tonnes in 2024 to 103 tonnes in 2025. However, he expressed concern over the lack of mineral royalties collected from small-scale mining, which accounted for more than half of the country’s gold exports. He warned that the environmental damage and "residue of death" caused by unregulated mining practices must be addressed, advocating for stricter regulation and accountability to protect farmlands and public health while securing state revenue. Finally, Adei advised Ghanaian businesses to leverage the African Continental Free Trade Area (AfCFTA) by building brands grounded in quality, integrity, and innovation rather than relying on raw material exports. He noted that although lending rates have shown some improvement, high interest rates continue to hinder business growth. He concluded by urging a collaborative approach between the state and the private sector to ensure that technological innovations, including artificial intelligence, translate into tangible economic growth for the nation.