Ghana’s presidential candidate, John Mahama, continues to tout a shift towards a 24-hour economy to foster self-sufficiency and export-oriented growth in Ghana. This initiative seeks to revolutionize the country’s economic landscape by enabling businesses to operate round-the-clock in three shifts.
The concept of a 24-hour economy entails a paradigm shift from traditional working hours to a model where businesses remain operational throughout the day and night. This approach not only boosts productivity but also creates new employment opportunities, particularly for the youth while addressing the issue of unemployment and elevating living standards across the nation.
To realize this ambitious goal, Mahama emphasizes the importance of collaboration between the government and the private sector. This partnership will be instrumental in enacting new laws and policies to support businesses operating 24/7, including tailored labour laws and tax incentives.
Additionally, favorable tax policies, stimulus packages, and financial assistance will be extended to specific industries such as agro-processing and manufacturing, propelling Ghana towards self-sufficiency and export-oriented growth.
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Furthermore, Mahama underscores the significance of prioritizing local products and services, thereby bolstering domestic industries and reducing reliance on imports. Measures will be implemented to ensure the seamless functioning of the 24-hour economy, emphasizing security, sanitation, cleaning, and environmental protection.
One of Mahama’s initiative’s key pillars is optimizing financial services at the ports, which will operate round-the-clock to streamline processes, reduce delays, and alleviate congestion, thereby enhancing trade efficiency and boosting Ghana’s export potential.
The overarching goal of Mahama’s 24-hour economy initiative is to benefit various sectors of the economy, catalyze job creation, elevate living standards, enhance productivity, and provide unparalleled convenience for citizens. However, implementing such a transformative agenda comes with its own set of challenges.
Challenges such as infrastructure development, ensuring safety and security, addressing regulatory hurdles, and fostering a cultural shift towards embracing round-the-clock operations must be tackled head-on. Additionally, measures must be in place to mitigate potential social and environmental impacts associated with extended working hours.
For Mahama’s vision to materialize into tangible results, concerted efforts from all stakeholders will be imperative. The government must demonstrate unwavering commitment and provide robust support mechanisms, while the private sector must embrace innovation and adapt to the evolving economic landscape.
As Ghana embarks on this journey towards a 24-hour economy, the leadership of John Mahama holds the promise of a brighter, more prosperous future where self-sufficiency, export-oriented growth, and economic empowerment reign supreme.
In addition to Mahama’s vision for Ghana, several African countries have made strides in implementing aspects of a 24-hour economy. While achieving a full-scale 24/7 operational model remains a work in progress, examples from countries like South Africa, Nigeria, Kenya, Egypt, and Morocco demonstrate the continent’s potential to embrace round-the-clock economic activity and provide opportunities for growth and development.