Economist, Dr Nii Moi Thompson, has criticized Vice President, Dr Mahamudu Bawumia’s comments against flagbearer of the NDC, John Dramani Mahama’s 24-hour economy policy.
According to him, the Vice President and chairman of the economic management team, Dr. Mahamudu Bawumia, who will be contesting Mr. Mahama in the December 2024 presidential election, reportedly said at a political rally that Mr Mahama “doesn’t understand his own policy” and that “it does not make sense”.
He indicated that the news report gave no details about this vision. However, he explained that Dr Bawumia only went on to remind his audience that Ghana already has a thriving 24-hour economy, citing hospitals, fuel stations and chop bars as proof.
Following this, he noted that the Vice President then promised “a new vision” complete with a “new policy” that would ‘transform this country.'”
“… If his idea of a 24-hour economy, beyond the nightlife of the finance minister, is about building more chop bars across Ghana to ensure round-the-clock access to fufu or fried rice, then he is even more rudderless than he has proven in the past seven years.”
Dr Nii Moi Thompson
Furthermore, Dr Thompson highlighted the attacks John Mahama went through following his policy statement. He noted that the former President declared the 24-hour economy as his main strategy for transforming Ghana’s development fortunes and his “adversaries across the pond” probably dismissed it as just another campaign talk.
However, he noted that until the Secretary General of the Trades Union Congress, Dr. Yaw Baah, an economist, described the strategy as “a game changer”, “panic set in across the pond, and even inside it”.
“For some crazy reason, those adversaries reduced the idea of a 24-hour economy to having fun at night. Hence, in the 2024 budget, the finance minister tried to upstage Mr. Mahama by promising everything from ‘a Night and Sport Economy’ (p. 92) to ‘the Night Economy and tourism’ (p. 92) to the development of Black Star Square into a “City Light Centre…to drive the night economy in Accra… [and create] a welcoming night-time environment…’ (p. 92), and, finally, to the use of Astro Turfs to create ‘vibrant night economies’ in their host communities (p.93). For the record, the word ‘night’ appears only once in the 2023 budget, in reference to patrols by immigration officers.”
Dr Nii Moi Thompson
Elaborating on what a 24-hour economy is, Dr Thompson emphasized that it is more than keeping a few establishments open around the clock or lighted Astro Turfs at night. He expressed that it is about a country living to its fullest potential, not “settling for mediocrity over chop bars”.
“It’s a multi-dimensional strategy for economic transformation, where businesses that operate during the day are strengthened and conditions are created for others across the country – not just Accra – to rise or thrive in an inter-connected world that never sleeps.”
Dr Nii Moi Thompson
Meanwhile, presidential staffer, Dennis Miracles Aboagye, has indicated that critics of the 24-hour economy idea are not of the opinion that it is not achievable.
He stated that the idea is “organic, and an output of specific activities” and cannot be legislated and forced.
Mr Aboagye further insisted that the policy is already “playing out and it can only be enhanced”.
“We are asking for clarity and asking for which specific areas the proponents intend to activate which are not currently activated. Remember, not all sectors sensibly need to run 24hrs. That has been our argument and that hasn’t changed… In 2023, going into 2024, it is no longer Okada eeeee, Okada eee.”
Dennis Miracles Aboagye
Moreover, Mr Aboagye contended that the 2024 elections will be about discussing ideas and counter ideas. As such, he underscored that there’s nothing wrong in asking questions and seeking clarity from a proponent of an idea.
“It’s all part of the conversation. Asking questions and proving the idea already exists isn’t the same as it can’t be done.”
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