Ranking Member on the Finance Committee of Parliament, Mr. Isaac Adongo , has lauded the 24-hour economy as envisioned by the flagbearer of the National Democratic Congress (NDC), John Mahama.
He said it will be the game changer for the prevailing economic challenges.
The Member of Parliament for Bolgatanga Central explained that if the NDC wins the presidential election in 2024, they will inherit an economy in which they will be saddled with restructured debt that needs to be paid, hence there is the need to increase productivity.
“We’re not saying that everyone will be working at the Passport Office at night, but when you have gone to take your thumbprint and they’ve taken your biodata and picture, why is the printing taking several months? Because, the people will close at 5:00pm and go and sleep. So, that period they have gone to sleep, [the processing unit] you send young guys who are sitting at home and unemployed to go and continue the processing of passport, there will be a heap of passports the next day,” he explained to Keminni on Hot Issues on TV3, Sunday December 3, 2023.
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Mr. Adongo further explained that, “It is not everyone who has to come to work in the 24 hours, but we will be encouraging private sector businesses to leverage this concept and the support we will give, in order to maximize the use of their resources.”
Responding to concerns that the policy would lead to an increase in the public sector wage bill, the Chartered Accountant by profession said, “It is not all government agencies that are suitable to run 24 hours. What we’re doing for our people is not a blanket statement for every Ministry, Department, and Agency. We’re providing more opportunities for income-earning potential, and by that we’re expanding the GDP.”
Touching on whether the market exists for the increased output that will result from the 24-hour economy, Mr Adongo said, “If we can substitute our imports by 50 percent that is the market for increased production in the 24-hour economy. Nation-building is not an event, we never said it is going to be easy, but we say we are willing to put in the hard work and the hours to realize the potential of the people of Ghana.”
Mr Mahama proposed the ’24hr Economy ‘ project when he met with officials of the country’s mother workers union on Tuesday, November 7, 2023 at the start of his engagement with key stakeholders in a quest to return to power.
Dubbed ‘Building Ghana Tour’, the interactions with the stakeholders is to apprise them of the policies the next NDC administration will implement to transform the economy.
“I envision a 24-hour economy where hospital facilities, filling stations, manufacturers, construction companies, garbage collection companies, mining and extractive industries, agro-processing, harbors and ports, financial services, digital start-ups will operate a three-shift system 24/7 in an atmosphere of safety and security.
“This 24 hour economy I propose will be voluntary, it will not be imposed. Businesses will be encouraged to sign up with tax incentives provided for them and enhanced security and lower electricity tariffs after peak hours. Special meters will be deployed to provide what is known as time-of-use tariffs to deliver cheaper power to such businesses during the hours of especially 10 AM and 6AM,” he said while speaking to Catholic Bishops in Sunyani on Saturday, November 18.