24 Hour Economy
24 HOUR ECONOMY
A 24-hour economy is an economic model whereby 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, 24 hours a day 7 days in a week
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
www.24houreconomy.org
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