Financial Analyst Mr. Joe Jackson acknowledges the achievability of John Dramani Mahama’s proposed 24-hour economy but deems its implementation challenging. Speaking on the Pae Muka show on Onua FM, Jackson expressed a realistic view on the feasibility of the concept.
Mahama introduced the “24hr Economy” project during a meeting with the country’s mother workers union on November 7, 2023, as part of his engagement with key stakeholders in his bid to return to power.
The National Democratic Congress (NDC) clarified that the proposal targets 13 industries, including agro-processing, pharmaceuticals, manufacturing, construction, extractive industry, sanitation, waste management, leisure, hospitality, digital start-ups, business process outsourcing, financial services, retail centers, and transportation services.
A Frequently Asked Questions (FAQs) document outlined the initiative’s focus on creating a supportive environment for businesses to operate 24/7. The 24-hour economy aims to boost productivity, competitiveness, and job creation in a three-shift system.
The NDC emphasized its alignment with national development initiatives, such as education, health services, agriculture, affordable housing, public transport, and efficient justice delivery.
Ghana’s economic strategy under Mahama’s vision includes modernizing agriculture, incentivizing the private sector, promoting agro-processing and manufacturing, and transforming into an import substitution and export-led economy.
The NDC believes this approach will stabilize the national currency, improve reserves, lower inflation and interest rates, generate employment, and enhance livelihoods. The party sees the 24-hour economy as a vital component of its ambitious plan to elevate Ghana in the global economic landscape.