Dr. Peter Quartey, the Director of the Institute of Statistical, Social, and Economic Research (ISSER), has expressed confidence in the potential of former President John Mahama’s 24-hour economy policy to address the economic challenges facing Ghana.
Speaking in an interview on Joy FM’s Midday News on Friday, December 8, Dr. Quartey emphasized the need for a detailed implementation plan for the policy. “I think what we need is a detailed implementation plan of the policy. A document that is going to cover it,” he stated.
Dr. Quartey acknowledged that aspects of the 24-hour economy are already in operation in sectors like health, police, and transport, but he emphasized that Ghana’s current implementation cannot be compared to more advanced economies such as the United States.
“If you go to the health sector, the police, transport, among others operate in the 24-hour economy. The chop bar operators around Circle and many other places are doing the same,” he said.
To extend this policy to other sectors, Dr. Quartey stressed the importance of developing a legal framework and enhancing infrastructure.
Former President John Mahama, who has promised to implement the policy if re-elected, believes that the 24-hour economy proposal is a well-thought-out idea.
He envisions the transformation of Ghana into a fully-fledged 24-hour economy by optimizing available resources.
Mahama outlined the NDC’s vision for the 24-hour economy, aiming to build an industrialized, inclusive, and resilient economy.
The vision also includes creating well-paying jobs, developing well-planned and safe communities, strengthening institutions, and positioning Ghana effectively on the African and international stage.
“The 24-hour economy may have finally resonated with Ghanaians. It may be classified as an idea whose time has come due to Ghana’s self-inflicted economic crisis today because the 24-hour economy initiative was well thought-through and captured on page 105 of the NDC’s 2020 People’s Manifesto,” he explained.
Detailing how the policy will work, Mahama emphasized its importance in addressing financial crises, severe unemployment, and unprecedented levels of corruption.
He remained optimistic about the initiative, positioning it as crucial for Ghana to remain competitive and attract investments in the global economy.