In a bold move toward economic revitalization, the next government under the leadership of John Mahama is set to implement a groundbreaking 24-hour economy policy.
This strategic intervention aims to foster a business-friendly environment, encourage round-the-clock operations, and ultimately create sustainable jobs for Ghanaians.
Driving Force Behind the 24-Hour Economy Policy
The linchpin of Mahama's 24-hour economy policy is centred on his vision to generate lasting employment opportunities.
The comprehensive agenda includes modernizing agriculture, incentivizing the private sector, promoting agro-processing and manufacturing, and transforming Ghana into an export-led economy.
This policy is anticipated to stabilize the national currency, bolster reserves, lower inflation and interest rates, and elevate overall employment and livelihoods.
Focus Industries of the 24-Hour Economy
The 24-hour economy will not only diversify but also intensify its focus on key sectors, including agro-processing, pharmaceuticals, manufacturing, construction, mining, sanitation, hospitality, digital startups, financial services, retail, and transportation.
Additionally, certain public institutions with substantial customer traffic, such as Ports and Harbors, Customs, Passport Office, and DVLA, will also be integrated into the 24-hour framework.
Government Support for 24/7 Operations
The Mahama government plans to facilitate a conducive environment for businesses to operate 24/7 through several measures, including enhanced security, a Time of Use (TOU) tariff system for electricity, tax incentives, and financial support for strategic industries.
Under the TOU tariff system, companies adhering to the 24-hour policy will receive modern smart meters calibrated for reduced tariffs during off-peak hours.
Furthermore, tax incentives will be extended to participating businesses, and strategic industries will receive financial support to boost production.
Implementation Approach and Legislation
Upon assuming office, the NDC/Mahama government will publish a strategic blueprint for the 24-hour economy policy. Businesses can voluntarily sign onto the policy, and those already operating 24/7 will automatically be included.
A new Employment Act will be introduced, defining the regulatory framework for the 24-hour economy in consultation with stakeholders.
Dispelling Criticisms
Addressing concerns that a 24-hour economy cannot be legislated, proponents argue that while the policy itself may not be mandated, a supportive strategy document and policy framework will be presented.
Legislation, such as a new Employment Act, will be enacted to fortify the policy and align it with broader development initiatives.
Global Examples and Unique Ghanaian Context
Contrary to critics who argue that a 24-hour economy is not feasible in Ghana due to low demand, proponents cite global examples such as the United States, the United Kingdom, Germany, France, and Sydney, where successful 24-hour economies thrive.
The policy aims to tap into existing demand, reduce the cost of doing business, and enhance competitiveness.
Mahama's Track Record
Supporters argue that John Mahama's track record as a visionary leader is evident in transformative projects during his presidency.
Examples include the Meridian Port Services terminal, the Accra Digital Centre, the Ghana Gas Company, and Terminal 3 at the Kotoka International Airport.
Timeline for Policy Details
The strategic blueprint for the 24-hour economy policy is set to be unveiled after the 2024 manifesto launch of the NDC.
The 24-hour economy policy proposed by John Mahama is positioned as a revolutionary solution to Ghana's high unemployment rate, especially among the youth.
Endorsed by key stakeholders, including the Trades Union Congress, the policy is seen as a game-changer that will not only create jobs but also drive modernization, industrialization, and overall economic transformation in Ghana.