What is 24-Hour Economy?
There have been series of divergent views and discussions about a 24-hour economy proposed by 2024 Presidential Candidate of the NDC , John Mahama.
These discussions have centered on the feasibility or practicality of these policies and its long-term benefit for Ghanaians.
Below are my objective views about 24-Hour Economy:
24-HOUR ECONOMY
A 24-hour economy is an economic model whereby the whole or part of the architecture or infrastructure of the economy adjusts to support 24-hour operations of businesses, factories, government services, restaurants, shops, healthcare delivery, banking and other services throughout the day and night.
A 24-hour economy usually extends productivity from day-time into the night to afford opportunities to business owners and consumers.
It is very critical to note here that the policy of digitalization alone cannot ensure a 24-hour economy. Not all businesses and services operating on 24-hour economy uses digitalization.
As at now, a number of Private Companies and individuals operate 24-hour economy in Ghana especially Hotels, Transport, some Media Houses and Restaurants. The policy can be expanded to include the manufacturing and other industries.
Some of the benefits of a 24-hour economy are as follows:
1. Increases employment opportunities to the citizens especially the youth.
2. Enhance business-business opportunities and competitiveness.
3. Optimum utilization of resources especially idle resources in a company or an organization.
4. Increase spending in the economy
5. Boost tourism
6. Increases employees’ productivity
7. Reduces staffing costs to companies/organizations
8. Increases economies of scale for manufacturing industries.
Globally, countries that are known to be at the forefront of successfully practicing a 24-hour economy include: USA, Canada, France, UK, China, Japan, United Arab Emirates, Singapore, Australia, Germany and many others.
Some of the challenges of a 24-hour economy are as follows:
1. Security
2. Reliable supply of electricity (Energy is one of the backbone of 24-Hour economy)
3. Transport systems
4. Lack of sustainable legal framework or policy guidelines to support the operations of 24-hour economy.
5. Nuisance taxes and high interest rates on loans.
The 24-hour economy is an excellent economic model but there are some gaps and questions that demand answers from the 2024 Presidential candidate of the NDC; including -
1. how the 24-hour economy policy will be implemented and the cost involved in setting up the infrastructure to support the policy?
2. Will there be any incentives or packages for the Private sector that will actively participate in the policy?
3. Can the 24-hour economy help Ghana to stop going to the IMF for bailouts and unnecessary conditionalities?
4. Can we rely on 24-hour economy to reduce the Country's Debt-to-GDP Ratio?
5. Can the 24-hour economy help us to solve the problems of higher inflation rates and the depreciation of the Cedi against some major trading currencies?
6. Will there be a sustainable shift system for the employees of Government institutions who will actively be involved in 24-hour economy or will the model follow the current shift system of the Security Agencies and the Healthcare industry?
7. Will there be a new Salary Structure for the employees of both the Private Sector and the government institutions that are involved in the 24-hour economy?
8. Does the track record of the 2024 NDC Presidential Candidate supports the 24-hour economic policy?
The answers to these questions will not only help with the ongoing debate but also amass support for the policy should the former President continue to run with the idea.
Source: By Razak Kojo Opoku : 24-hour economy versus blue economy | Feature Article (classfmonline.com)
Disclaimer: "The views expressed on this site are those of the contributors or columnists, and do not necessarily reflect 24houreconomy.org’s position. 24houreconomy.org will not be responsible or liable for any inaccurate or incorrect statements in the contributions or columns here."
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