An Economist, Dr. Theo Acheampong, has expressed optimism in the 24-hour economy policy by flagbearer of the National Democratic Congress (NDC), John Dramani Mahama, insisting that a structural shift is need, making the policy a good fit.
According to him, on the surface, the 24-hour economy is needed in several sub-sectors such as the manufacturing and services space. That notwithstanding, he stated that these sectors will need to be motivated to run throughout the day.
Dr Acheampong emphasized that incentives to make a 24/7 economy happen in Ghana will be absolutely vital.
With this, he explained that several factories in Ghana, especially in Tema and its environs are “under-producing or lying idle”, not for want of demand but high costs, high taxes and electricity, for which the business environment is choking.
“In other words, it is easier to import than produce in Ghana. A structural shift is needed, and policy is key to this. 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.”
Dr Theo Acheampong
Furthermore, Dr Acheampong questioned some attack on John Mahama’s 24-hour economy policy.
To this, he indicated that Paragraph 449 of the 2024 budget statement of the NPP-led administration states as follows: “Mr. Speaker, the increasing importance of tourism, as demonstrated by the success of the ‘Year of Return’ and the ‘Beyond the Return’, as well as the potential of sports, will be optimised through this Strategy. To complement the range of interventions in these sectors, the Government will … harness sports and other key infrastructure to create a ‘Night and Sports Economy’.”
Moreover, given the fact that the NPP also seeks to create a “Night and Sports’, Dr Acheampong stated that he struggles to see the commotion over former President, John Mahama’s push for an expanded 24/7 economy.
“Don’t the same logistical and other constraints that some NPP firebrands have raised also apply here? Surely, both are good for the country and will create jobs. Question of semantics or the usual NPP-NDC politics?”
Dr Theo Acheampong
GFL supports Mahama’s 24-hour economy
Meanwhile, the Ghana Federation of Labour (GFL) has expressed support for the 24/7 economy, as proposed by John Mahama.
Abraham Koomson, GFL Secretary General, recounted in a statement that in the 1970s up to the early 90s, a three-shift system operated in manufacturing industries in the country, which created employment for thousands of workers.
However, he lamented that the systemic failures of the economic policies of governments took a toll on the thriving industries, resulting in massive layoffs of workers.
As a result, he revealed that some investors had relocated capital to other African countries where the business environment was more favorable, creating massive unemployment in the country.
Despite the challenge in the country, Mr Koomson highlighted that this is the reason why the Federation is obliged to embrace the proposed policy of reviving the three-shift system to create more jobs.
“Our Federation is indeed elated by the former President Mahama’s assurance of implementing an economic policy that will revive collapsed industries and create more jobs. We believe once effective measures are enforced to deal with smuggling, pirating of locally manufactured products, and the removal of outrageous and nuisance taxes, the local industries will rebound to create jobs to fulfil the objectives of the 24/7 policy.”
Abraham Koomson
Furthermore, Mr Koomson challenged political parties to come out with manifesto policies that would address the national economic challenges. He stated that the era of “political cheap promises” is over, noting that in election 2024, labour unions will scrutinize the policies and proposals of political parties.
“We would also monitor political pronouncements on campaign platforms and challenge parties to them. Labour unions would expose political parties that would come up with hallow proposals and support tangible ones”.
Abraham Koomson
Moreover, Mr Koomson encouraged political parties to bring out policy proposals that focus on job creation in both the private and public sectors and spell out measures to strengthen the nation’s economy.
He emphasized that the next government must as well promote revenue generation, job opportunities, and private sector development, reduce the cost of living, and eliminate taxes that hinder business growth and affecting small, medium, and large companies.
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