A Financial Analyst, Mr Joe Jackson has said that the 24-hour economy idea that the flagbearer of the National Democratic Congress (NDC) John Dramani Mahama is proposing is achievable.
However, he said, it will be difficult to implement.
“Can it work? Yes. Will it be soft? No,” he stated when asked for his view on this proposal while speaking on the Pae Muka show on Onua FM with Yaa Titi Ocran on Monday, January 22.
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.
The NDC subsequently explained that the 24-hour economy proposal will focus on 13 industries.
The party said the proposal is part of an ambitious drive by the next Mahama administration to take Ghana to the next level in the global economy.
We shall vigorously pursue the 24-hour economy – John Mahama
According to information contained in a Frequently Asked Questions (FAQs) sighted by 3News.com, “The 24-hour economy will therefore primarily, but not exclusively, focus on: “ 24-hour Agro-processing, 24-hour Pharmaceutical industry, 24-hour Manufacturing industry, 24-hour Construction, 24-hour Extractive industry (mining and quarrying), 24-hour Sanitation and waste management and 24-hour Leisure and hospitality industry.”
The rest are; 24-hour Digital start-ups and Business Process Outsourcing (BPO), 24-hour Financial services, 24-hour Retail centers, 24-hour Transportation services, and selected public institutions with large customer traffic such as Ports and Harbors, Customs, Passport Office, DVLA, among others will be part of the 24-hour economy.”
“The 24-hour Economy will be a deliberate policy intervention by the next NDC/Mahama government to encourage and support certain businesses and companies to operate 24/7, preferably in a three-shift system of 8 hours each, by creating an enabling environment that promotes productivity, competitiveness and well-paying jobs,” the document further clarified.
“The 24-hour economy will also be implemented within the context of other national development initiatives, such as education and training, health services, agriculture, the provision of affordable housing for workers, efficient public transport, efficient justice delivery, among others,” the party noted.
The information in the document further indicated that “Ghana‘s economy will be mainly anchored on Mahama’s overarching vision to create sustainable jobs for Ghanaians. This will be achieved through his agenda to: modernize and mechanize agriculture; provide incentives for the private sector to thrive; promote agro-processing and manufacturing; transform Ghana into an import substitution and export-led economy, among others.”
According to the NDC, “This will stabilize our national currency, improve our reserves, bring down inflation and interest rates, create more employment opportunities and improve livelihoods.
The major opposition party noted that, “It is all part of an ambitious drive by the NDC/Mahama administration to take Ghana to the next level in the global economy.”