Policy Concept And Transformational Features Of The 24-Hour Economy

Caucus for Democratic Governance, Ghana (CDG-GH), has observed with keen interest, the Policy Blue Print of the 24-hour economy, which is a major policy priority of the next Mahama administration. A policy concept, whose transformational imperatives and features, seek to reverse the macroeconomic parameters, adding up to damaging levels. The next government will have to reduce the highest ever National debt of GHC 65 billion, whose strings were spanned by dysfunctional leadership of Akufo Addo.

THE CONCEPT OF 24-HOUR ECONOMY

The concept of 24-hour economy, when in operation, will eliminate the disadvantages of the eight hour economy. It will formalize and restructure the economy with benefits that would promote growth in Industry and informal sector. A process that will take Ghana to the next level in global economy. Studying some of the features of the 24-hour economy, we observe that Industry and private sector would be incentivized to promote growth.

We observe that the concept of the 24-hour economy, is still being discussed in many developed countries. It was first captured by HE John Mahama in his 40-Year Development Plan in 2009, and also in the 2020 NDC-Manifesto. It is important to note, that the 24-hour economy, is a variable process and not a quantum. A process which depends on the number of industries joining the 24-hour economy train, and financial inputs and incentives in its graduation. An appreciation of these specifics, leading to success and transformation is key.

WHY DO WE NEED 24-HOUR ECONOMY ?

Eight years of mismanagement and economic mess by Akufo Addo and Dr Bawumiah`s government, has increased our National debt from GHC 120 billion to GHC 650 billion and a GDP 65% to over 100%. Eight years of corruption, stealing and massive borrowing, has put Ghana into the group of “junk” economy. Suffering Ghanaians face high food prices, high inflation rate of 43%, high unemployment rate of 14%, cedi to dollar depreciation rate of 14 cedis to 1 dollar. Since 2017 the cedi has depreciated by over 350%. High commodity, food and fuel prices, plethora of taxes and “haircuts” have resulted in abject poverty and collapsing Industries; causing severe hardship. Abstruse and mind buggering is the arrogance and lack of appreciation and concern for the suffering masses.

The desperate economy, rated “junk”, therefore needs a strategic policy intervention to reactivate and improve the dynamics of the debilitating economy.

SOME ADVANTAGES OF 24-HOUR ECONOMY.

Indeed, the 24-hour economy is projected to bring Ghana out of economic abyss, and to remove the inefficiencies and the limitations of the 8-hour economy. Above all, it is projected to reduce the high rate of unemployment. It is a process through which Ghana`s productive forces will be developed and sustained. It is a product of innovation, which seeks to arrive at efficiency and effective cohesion. It seeks to transform and eliminate misuse of time and dormant human resource. Critics suggest that the 24-hour economy is a by-product of developed economies. It has therefore no place in developing countries with weak economies like Ghana. Such suggestions are hollow and infantile. Invariably, it is the developing countries that need the 24-hour economy, to generate increased productivity by myriad of human resource to transform the economy.

POLICY BLUE PRINT

Though voluntary in nature, the Policy Blue Print, in its implementation phase, would focus on industries such as Agro Processing (tomatoes, cashew…), Pharmaceutical sectors, Manufacturing sector, Construction, Extraction Industry, Sanitation Industry, Digital and ICT Investment, Financial Services, Retail services, Ports and Harbour services, Health and Education etc... These Industries would be provided with Policy intervention such as Tax incentives, Security demands, cheap and reliable energy at off-peak seasons. Institutions such as the Universities, Ministries, Passport offices depending on their Internally generated funds, are likely to join the 24-hour economy train without Government subsidies. These measures would be complimented by inputs from stakeholder forum.

CONCLUSION

Ghana needs a paradigm shift in effective and productive leadership. The collapsing economy has to be resuscitated. The 24-hour economy supported by TUC, NUGS, GUTA and many Organizations, is a game changer. A game changer that increase exports and employment and reduce imports and poverty. The joy of it all, is that money will be put into the pockets of the masses, leading to 24-hour work and happiness.

Dr E.K.HAYFORD
EXECUTIVR DIRECTOR
CAUCUS FOR DEMOCRATIC GOVERNANCE,GHANA CDG-GH

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