To put the economy back on solid ground, according to labor expert Austin Gamey, the government must enact a 24-hour economy.
He believed that introducing a 24-hour economy would assist in tamping down the persistently high unemployment issue.
Speaking in an interview with Citi News, Mr Gamey said, “The way the economy has gone into the abyss at the moment, if we don’t introduce a planned and well-thought economy, we cannot catch up because we owe so much.”
“Because of poor management of the economy, we have this galloping unemployment on our hands and I strongly believe that whoever, be it the proponent of the policy, the NPP adopting it, [Hassan] Ayariga and Alan Kyerematen [and other presidential aspirants] must be ready to accept that we must introduce a 24-hour economy in Ghana and anything short of that, the person should not be elected,” the labour expert stated.
In the meantime, National Democratic Congress flagbearer John Dramani Mahama declared that if he were to win reelection as Ghana’s president in 2024, he would establish a 24-hour economy.
He claimed that the action will revitalize the faltering economy, which is currently receiving financial support from the IMF.
What is the 24-Hour Economy?
The concept of the 24-hour economy revolves around implementing strategies to enable businesses across diverse sectors to operate both day and night. Essentially, it entails the establishment of both a night economy and a day economy.
This economic model involves a three-shift system, each lasting 8 hours, with the goal of fostering an environment that enhances productivity, competitiveness, and the creation of well-paying jobs.
The overarching objective is to ensure that the economy remains vibrant around the clock, thereby generating more employment opportunities.
In practical terms, businesses are encouraged to adopt measures that enable continuous operation throughout the day and night.
This may include the hiring of additional staff and implementing a shift system. Since John Mahama introduced this idea, it has sparked both vehement criticism and commendation from various segments of the public.