From 24-Hour Economy To New Economy: Dr George Domfe Questions Government’s Funding Plans

Development economist and University of Ghana lecturer Dr George Domfe has raised concerns about the government’s ability to secure the US$10 billion it has proposed for the New Economy initiative, questioning its record on an earlier funding commitment under the 24-Hour Economy programme.

In a Facebook post published on November 8, 2026, Dr Domfe argued that the government’s latest financial target was difficult to accept without clear evidence of progress on its previous economic promise.

He questioned how Ghanaians could be convinced that the administration would raise US$10 billion for the New Economy programme when, according to his claims, it had struggled to mobilise even eight per cent of the US$4 billion previously announced for the 24-Hour Economy initiative.

The economist said the two funding commitments raised concerns about the government’s ability to turn major policy announcements into actual financial resources. He therefore challenged the administration to demonstrate that it could secure the necessary funding before asking the public to place confidence in another ambitious economic programme.

Dr Domfe also expressed dissatisfaction with what he viewed as a shift in attention from the 24-Hour Economy initiative to the proposed New Economy programme without sufficient explanation of the progress made on the earlier commitment.

His comments have added to the public debate surrounding President John Dramani Mahama’s proposed US$10 billion economic initiative, particularly questions about its funding sources, implementation strategy and expected impact.

The New Economy proposal has been presented as an ambitious plan with potential implications for investment, economic growth and employment. However, Dr Domfe believes the government’s previous funding record should be addressed before Ghanaians are expected to embrace another major financial target.

He ended his post with a local-language expression meaning “it’s a problem”, reflecting his dissatisfaction with the situation.

His criticism highlights the importance of transparency over funding commitments and the need for governments to provide clear evidence of how announced economic programmes will be financed and implemented.

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