24 Hour Economic Policy Of The NDC is the most expensive Joke Ever said by a Party Since 1992

The ndc’s 24-hour economy being touted as their major economic policy to salvage the economy would be deadly and catastrophic on our economy. It is a policy that would increase production cost without a commensurate increase in demand. It is never true that demand for government services in Ghana is overwhelming, rather it is inefficiency and laziness that have contributed to severe backlogs in the various government agencies making it look as if the hands that provide those services are few.

In economic parlance, there is supply induced economic growth and demand induced economic growth. Any policy that aims at increasing labor hours without looking at the demand side is informed by supply side economic considerations. With this economic model, if there is no corresponding increase in the other factors of production such as capital, land, and entrepreneurship, there is the likelihood of increased production cost resulting from increased labor supply without a corresponding increase in demand, the economy is likely to suffer because demand will stay constant and, that may lead to supply push inflation as a result of the increased cost of production without a corresponding increase in productivity.

In free market economies, demand creates its own supply or induces its own supply.

Isn’t it the case that in Ghana, the 24 hour economy is already in operation? Look at the VIP bus service, doesn’t it operate 24/7?, what about the hospitality industry; the hotel and hospital services, don’t they operate 24/7 ? Yes they do operate the 24 hour economy because there is demand in those sectors to warrant the 24 hours operation. Nurses run 3 shifts for seven days because patients in hospitals demand their services. Hotels operate 24 hours because patrons demand their services 24/7. But who is demanding passport services and licenses services 24/7 in Ghana? This is absurd and absolute nonsense. Let no one deceive you. Intentionally increasing labor hours in Ghana would only be job for the boys and nothing else.

What Ghana needs now is to abolish salary scheme and introduce hourly wage remunerations where workers would be paid according to hours worked per month. When that happens, the system would ensure that only those who work are paid.