Tweneboa Kodua Fokuo, the MP for Manso Nkwanta, voiced concerns on the PM Express on Joy News on Tuesday, November 10, ahead of the Finance Minister’s 2027 Budget presentation. He warned that the government’s plan to create fiscal space for the 24‑hour economy programme could be under pressure in 2027 if revenue targets are not met.
Fokuo said the financing model depended heavily on revenue expected to be generated in the future, rather than funds already available. “It’s not as if we have the money at hand now. No, we don’t have the money now,” he said, highlighting the risk of relying on projected income.
The MP explained that the arrangement appeared to rely on a proposed adjustment to the primary surplus target from 1.5 per cent to 0.5 per cent, creating room in the budget for spending on the programme. However, he cautioned that the anticipated fiscal space was dependent on revenue the government had yet to collect.
He noted that the economy is projected to grow at 6.2 per cent in 2026 but is expected to slow to 4.9 per cent in 2027. “If you look at revenue that has been generated this year, even when the economy is growing at 6.2 per cent, versus 2027 that we are projecting to slow down to 4.9, what it means is that we are likely to struggle in terms of revenue for 2027,” he said.
Fokuo questioned where the resources to support the programme would come from if government revenue underperformed. “If we do struggle for 2027, then you ask yourself where would the funding for the new economy really come from?” he asked.
He also criticised the earlier approach to financing the 24‑hour economy, saying the private sector had failed to respond as expected because the programme was announced without adequate measures to manage the risks associated with participation. “When the private sector did not jump on board as was expected, because it was just a slogan, it was just a pronouncement, but nothing was done to really manage the risks thereof, the private sector had no interest,” he said.
Fokuo described the current arrangement as a repackaging of the programme, with government funding expected to play a more prominent role. The MP’s comments come as attention turns to the 2027 Budget, which is expected to provide further details on the government’s economic priorities, revenue projections and financing plans.
Observers will closely watch the budget for clarity on how the government intends to fund the 24‑hour economy initiative, attract private investment and ensure that its commitments are supported by sustainable revenue sources.
