The 24-Hour Economy Series: The Role Of Government Policies In Shaping Ghana’s 24-Hour Economy – Part Two

BACKGROUND
A 24-hour economy is an economic model where businesses, services, and industries operate continuously beyond traditional working hours, ensuring round-the-clock economic activities. This model has been successfully implemented in many global economies, driving productivity, employment, and revenue generation (Graham & Marvin, 2001). As Ghana explores the transition to a 24-hour economy, government policies will play a critical role in shaping its feasibility, sustainability, and success.

In developed economies such as the United Kingdom and the United States, governments have facilitated 24-hour economic activities through policies related to labour regulations, security, transportation, and infrastructure development (World Bank, 2022). In Africa, cities like Lagos, Nairobi, and Johannesburg have made strides in fostering night-time economic activities, supported by targeted policy interventions (UN-Habitat, 2021). However, Ghana’s readiness for a 24-hour economy requires strategic policymaking to address critical areas such as energy supply, workforce regulation, security, and technological advancement.

GOVERNMENT POLICIES AND THEIR IMPACT

1. Energy and Infrastructure Development: A reliable energy supply is fundamental for sustaining round-the-clock business operations. Ghana’s energy sector has seen improvements in recent years, with an installed electricity capacity of approximately 5,300 MW (Energy Commission of Ghana, 2023). However, frequent power fluctuations and high electricity costs remain barriers to a 24-hour economy. Government policies must prioritize energy stability through investments in renewable energy and enhanced power distribution networks.
2. Labor Laws and Workforce Regulation: Extending economic activities beyond regular hours requires policies that protect workers' rights while ensuring business sustainability. The Ghana Labour Act (Act 651) regulates working conditions, but modifications may be needed to accommodate flexible work schedules, night shifts, and fair wage structures. According to the Ghana Statistical Service (2023), the informal sector, which accounts for over 80% of employment, needs policy support to integrate into the formal 24-hour economic framework.
3. Security and Law Enforcement: Safety concerns remain a significant challenge in night-time economies. The Ghana Police Service reported a 12% increase in nighttime crime rates between 2021 and 2023, posing a threat to businesses operating beyond regular hours (Ghana Police Service, 2023). Strengthening security infrastructure through increased patrols, surveillance systems, and public-private security partnerships will be essential for fostering investor confidence.
4. Transportation and Mobility: Efficient transportation networks are necessary to facilitate movement in a 24-hour economy. While Accra and Kumasi have well-established public transport systems, their operations are mostly limited to daytime hours. Government policies must encourage investment in 24-hour public transport, such as night bus services and improved ride-hailing infrastructure, to support the workforce and commercial activities.
5. Digital Economy and Financial Inclusion: The rise of e-commerce, fintech, and digital payments offers an opportunity for Ghana to expand economic activities beyond traditional business hours. Government initiatives such as the Ghana Cash-Lite Agenda and the digitization of financial services can enhance the efficiency of a 24-hour economy. As of 2023, Ghana recorded a 32% increase in mobile money transactions, indicating a growing reliance on digital financial platforms (Bank of Ghana, 2023). Policymakers should strengthen cybersecurity measures and expand digital infrastructure to support businesses in the digital economy.
6. Banking Services: A functional 24-hour economy requires continuous access to banking services, including real-time transactions, ATMs, and financial support for businesses operating beyond regular hours. In Ghana, most banking services are limited to traditional working hours, with digital banking and ATM services providing only partial support. According to the Bank of Ghana (2023), 75% of financial transactions still rely on physical banking structures, creating a bottleneck for businesses requiring financial flexibility. Policies promoting 24-hour banking operations, improved ATM accessibility, and enhanced mobile banking services will be crucial in ensuring seamless financial transactions. Additionally, measures such as expanding agency banking and increasing cybersecurity for digital transactions can strengthen Ghana’s financial sector in a 24-hour economy (International Monetary Fund, 2022).

CONCLUSION
The successful implementation of a 24-hour economy in Ghana requires deliberate and strategic government policies that address energy security, workforce protection, safety, transportation, digital transformation, and banking accessibility. While Ghana has made progress in some of these areas, further policy interventions are needed to create an enabling environment for businesses and investors. By learning from global best practices and tailoring policies to local socio-economic conditions, Ghana can effectively transition into a sustainable and competitive 24-hour economy.

REFERENCES

• Bank of Ghana. (2023). Annual Financial Report. Government of Ghana.
• Energy Commission of Ghana. (2023). Annual Energy Outlook Report. Government of Ghana.
• Ghana Police Service. (2023). Crime Statistics Report. Ghana Police Service Publications.
• Ghana Statistical Service. (2023). Labour Force Survey Report. Ghana Statistical Service.
• Graham, S., & Marvin, S. (2001). Splintering urbanism: Networked infrastructures, technological mobilities and the urban condition. Routledge.
• International Monetary Fund. (2022). Financial Sector Development in Emerging Markets. IMF Publications.
• The concept of a 24-hour economy: What it means for Ghana. Official Website. https://www.okogyedomadoofi.org
• UN-Habitat. (2021). State of African Cities Report: Towards a Just and Sustainable Urban Future. United Nations Human Settlements Programme.
• World Bank. (2022). Global Economic Prospects: Growth in Emerging Markets. World Bank Group.