Launch Of The 24-Hour Economic Policy

NEWS COMMENTARY ON THE LAUNCH OF THE 24-HOUR ECONOMIC POLICY:   

The idea of a 24-hour economy, where economic activities continue around the clock, is typically associated with certain major cities and regions, rather than in an entire country. Notwithstanding, some countries have embraced policies and practices that support a 24-hour economy, particularly in urban areas. In a rapidly globalizing world, where economic competition is fierce and relentless, the ability of a nation to innovate and adapt is crucial, in determining its future prospects. The recent launch of the 24-Hour Economic Policy by President John Dramani Mahama is a testament of the Government’s commitment to revolutionizing the economy. The policy is intended to create the enabling environment for the Private sector to take advantage of the economy to develop the country. The Government has laid down an ambitious vision to propel the country in its development agenda. The policy is intended to reset the economy and the entire country as a whole.  This vision, if implemented effectively, could transform the economic landscape of the country and position Ghana as a leader in Africa’s economic revolution and revive it as a beacon of hope for Africa once more.  It is therefore essential to scrutinize the feasibility, potential benefits and challenges of such a visionary initiative. Though the concept of a 24-hour economy is not new, since few countries have long capitalized on the continuous operation of key economic sectors to boost productivity, create jobs, and enhance their global competitiveness. There is no doubt such a policy is needed now more than ever, considering the current economic situation and to ensure that economic activities do not pause or come to a halt when the sun sets, thereby, maximizing profit and resources for the country. At the heart of this Policy is the promise to extend the operating hours of essential services and businesses, such as the Tema and Takoradi Ports operations,  healthcare, transportation, security, finance, hospitality, telecommunications, manufacturing, agriculture and others. This will go a long way to position Ghana to take its rightful place as the gateway to Africa.

The potential benefits of a 24-hour economy are substantial. It could and will lead to a reduction in unemployment, as businesses would require more workers to cover the extended hours. This could particularly benefit young people, who make up a large part of the unemployed population. Additionally, it could attract foreign investment, as businesses looking for a continuous operational model would find Ghana an attractive destination. Private businesses could cash in alongside and grow as partners in development, creating jobs for some unemployed in the population. Moreover, a 24-hour economy could lead to better utilization of infrastructure and public services. For instance, roads, hospitals, and public transport systems would be used more evenly throughout the day, potentially reducing congestion during peak hours and ensuring, that public services are available whenever they are needed. The policy could also foster a culture of innovation and flexibility in the workforce. By encouraging businesses to operate outside the traditional 8 working hours, Ghana could see a rise in entrepreneurial activities and creative industries, as people find new ways to serve customers during off-peak hours. However, the implementation of a 24-hour economy is not without challenges. One major concern is security. Extending business hours requires a robust security framework to protect workers, consumers and businesses. The policy must therefore address how it plans to enhance law enforcement capabilities and ensure safety during night time operations. Another significant challenge is the cultural shift required. Ghanaians are accustomed to a certain rhythm of life and changing this will require not just economic incentives, but also a concerted effort to shift public attitudes and habits. Additionally, the energy demands of a 24-hour economy are substantial. Ghana would need to ensure a stable and affordable supply of electricity, which has historically been a challenge. Businesses would need extra resources to invest in additional staff, security and possibly new technology to operate. The government, on its part, would need to support this transition with policies, incentives and infrastructure improvements. As Ghana moves forward, it is crucial that all stakeholders and the public collectively engage in an open and constructive dialogue about the implications of a 24-hour Economy. Ghana could then and indeed become a trailblazer in Africa’s economic landscape, leading the way in innovation, job creation, growth, resource preservation and proper utilization, for sustainable development.

 WRITTEN BY: DANIEL OTSIN, LECTURER, ENCHI COLLEGE OF EDUCATION, ENCHI, WESTERN NORTH.