Flagbearer of the National Democratic Congress (NDC), John Dramani Mahama’s 24-hour economy proposal, has already taken center stage and has become the early defining issue of the 2024 election campaigning.
Announcing his campaign, he said, “A new NDC administration will work urgently to equip our youth with the entrepreneurial knowledge and skills needed for a sustainable future. We will introduce a 24-hour economy with incentives and tax breaks for manufacturers who will run extra shifts to create more room for employment.”
“There’s much we can do even now to turn things around, and I am heartened that my recent suggestion of a operating 24-hour economy in Ghana has been heard by the Finance Minister”
The promise which he reiterated during his campaign trail has already got many talking.
But what exactly is a 24-hour economy? According to party promotional material, the 24-hour economy will involve a three-shift system.
Included in that, is an 8-hour per shift system where companies and installations are expected to work around the clock. In essence, the NDC wants to create an economy within which people can work either on 6am to 2pm shift, 2pm to 10pm shift or a 10pm to 6am shift.
Critics of the idea have already started throwing jabs. On his recent tour of the Northern Region, New Patriotic Party flagbearer, Mahamadu Bawumia took aim at the policy at multiple rallies mocking it.
He said, “I hear John Mahama has a new idea and he wants to run a 24-hour economy. I say where did he get this idea from? It is not a bright idea! A 24-hour economy cannot be legislated by the government.”
He further insists the policy is already in motion.
“Today, there are many businesses that are already working for 24 hours. Hospitals are open for 24 hours. You can buy electricity for 24 hours. Because of digitalisation, you can transfer money for 24 hours. There are many chop bars and restaurants that are open for 24 hours.”
However, that has not killed the enthusiasm of John Mahama and his NDC in the idea.
Mr Mahama in response, argued that such a policy would contribute to economic growth and job creation, especially for the youth.
“Factories that are processing agricultural products should be able to run 2 shifts so that They are able to produce as much agricultural produce as possible, there’s nothing wrong with that.”
“What we’re saying is that we will give incentives for everybody who wants to run a 24 hour shift system to be able to do that so that more young people can be employed”
The debate over the subject has not been limited to campaign tours. Google trends shows a significant spike in searches on the subject in the days since November 17th. The analytics from social media platform; Facebook shows a similar trend of significant conversations around the subject as is the case on X, where some of the most intense intellectual debate on the subject has taken place.
Economist Dr. Theo Acheampong wrote that “The 24/7 economy on the surface makes sense in several sub-sectors in the manufacturing and services space. Good start to the policy debate from John Mahama as we head into Elections 2024; the devil’s in the details.”
Another economist, Joe Jackson thinks the enabling factors for the policy to thrive in Ghana are simply not there.
In an interview with TV3 he said, “One of the most important things that must be done for everyone who is seeking to run a 24 hour economy will be to ask how do I get the market going, how do I get people to want to have the goods and services in the middle of the night?”
A major retort to the 24- hour economy idea has been that many in the private sector are doing it already so what’s new?
Special Aid to former President Mahama, Joyce Bawah Mogtari, has an answer to that. She says, “He (Mahama) is aware that some private sector companies are already doing this, but believes that with the right incentives, regulations, taxation, safety and security, infrastructure and intentional investment, government can stimulate an effective strategy to increase productivity and reduce unemployment if more private sector companies and key state enterprises can work 24 hours.”
Still, many are not convinced. The Communications Director of the NPP Richard Ahiagba says John Mahama has not done enough to convince him with the idea, because in his view, the enabling factors are simply not there.
He says, “Until we see JM’s enabling policy plan, his 24-hour economy idea remains a populist stunt akin to a student who vows to score straight A’s but does not have a study plan.”