Tag Archives: 24-hr economy

News

[Article] Unlocking Ghana’s Economic Potential Through a 24/7 Economy 2024 and beyond

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In the dynamic landscape of the global economy, the concept of a 24/7 economy will emerge as a transformative strategy for nations seeking to boost productivity, foster economic growth, and create employment opportunities.

For Ghana, the adoption of a 24/7 economy represents a crucial step towards unlocking its full economic potential and positioning itself as a competitive player in the international arena. As a policy analyst dedicated to driving sustainable development in Ghana, I believe that transitioning to a 24/7 economy holds significant benefits and opportunities for the nation’s progress and prosperity.

Driving Economic Growth Through Continuous Operations

The implementation of a 24/7 economy allows businesses to operate seamlessly around the clock, maximizing production and service delivery. This continuous operation not only enhances economic output but also leads to increased GDP and overall economic growth. By leveraging the full potential of its resources, Ghana can accelerate its economic development and bridge the gap towards sustainable prosperity.

Creating Employment Opportunities and Improving Living Standards

Extended operating hours in a 24/7 economy open up additional job opportunities, particularly in key sectors such as manufacturing, services, and IT. The ability to absorb a larger workforce contributes to reducing unemployment rates and alleviating poverty, thereby enhancing the overall standard of living for citizens. Increased employment opportunities play a vital role in empowering individuals and communities across the nation.

Enhancing Global Competitiveness and Collaboration

In an interconnected global marketplace where business operations run 24/7, adopting a continuous economy allows Ghana to align with international business hours, thereby enhancing its competitiveness on the global stage. This synchronization facilitates smoother transactions, fosters better collaboration, and attracts increased foreign investments, positioning Ghana as an attractive destination for global partnerships and economic growth.

Boosting Productivity and Encouraging Innovation

Continuous operations in a 24/7 economy promote the efficient utilization of resources, minimizing downtime and idle capacity. This heightened productivity directly translates into higher profits for businesses and improved economic performance for the nation as a whole. Furthermore, the culture of continuous innovation and efficiency improvements nurtures a dynamic and resilient economy that can adapt to evolving market demands.

Ensuring Essential Services and Promoting Work-Life Balance

A 24/7 economy guarantees the availability of essential services such as healthcare, public transportation, and emergency response at all times. This not only enhances the quality of life for citizens but also strengthens the nation’s resilience in the face of unforeseen events or emergencies. Additionally, a continuous economy accommodates diverse lifestyles by offering flexible work schedules, promoting a healthier work-life balance that contributes to overall job satisfaction and employee well-being.

Strategies for Successful Implementation

To effectively transition to a 24/7 economy, Ghana must develop a comprehensive policy framework that encourages businesses to operate continuously through initiatives such as tax incentives, regulatory reforms, and financial support. Investing in reliable infrastructure, providing workforce training, conducting public awareness campaigns, and fostering international collaboration are crucial components of a holistic approach to unlocking the nation’s full economic potential.

In Summary;
Embracing a 24/7 economy is not just a strategic move but a transformative opportunity for Ghana to catalyze economic growth, reduce unemployment, and enhance global competitiveness.

By adopting a holistic approach and implementing supportive policies and infrastructure, Ghana can unlock its full economic potential and pave the way for a future of sustainable development and prosperity.

As a policy analyst committed to driving positive change in Ghana, I urge stakeholders and decision-makers to embrace the possibilities of a 24/7 economy and work towards building a more resilient, innovative, and inclusive economic landscape for the nation’s advancement.

Siddique Abubakar Suleiman, Policy Analyst

News, Politics

Kumasi goes agog as Mahama joins 24-hr sensitization walk to kick start tour

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The Central business district of Kumasi, was brought to a standstill as thousands joined what was termed ’24-hour sensitization walk’ today to kick start former President, John Dramani Mahama’s tour of the the Ashanti region.

Jubilant Ghanaians from all walks of life cheered him, shouting ‘change, change’, as they struggled to catch a glimpse of the 2024 flagbearer of the NDC, who joined the march in the capital of the governing New Patriotic Party, NPP’s stronghold.

“John Mahama has won in advance. All we need is for Ghanaians to do their homework well to ensure a convincicng victory. He has a track record. We traders in Kumasi appreciate that and the testimony cuts across the region,” an aged woman voiced out to journalists

The walk joined by party executives, the MP for Asawase, Alhaji Mohammed Muntaka, former appointees started from the Aboabo Post Office , through Pelele to On-the-ran to Manhyia Hospital, the Alabar Street, Kejetia Roundabout, Asafo Overpass, Labour Roundabout to the Jubilee Park.

The central business district was brought to a standstill as the former President was compelled to stop and address traders.

“Kejetia Market is our baby,”  John Mahama said as he proudly pointed at the modern facility and referred the charged audience to the stalled phase two project, virtually abandoned by the Nana Akufo-Addo led government since NPP assumed office in 2017.

Mr Mahama continued “We will come and complete the phase two and all other abandoned projects in the region.”

He added “A good government will be elected into office again and things will be better…The days of voting for the NPP irrespective of the candidates must end.”

“The residents of Kwabre East should be rest assured the NDC will come and build their roads,”he assured.

The former President, who begun a two-day tour of Ashanti today also slammed government for the VAT charges on electricity consumption.

“Ghanaians won’t accept VAT on electricity. If you know what is good for you, rescind your decision”. he explained in support of the 7-day ultimatum by organized labour for its suspension

News, Politics, Topstory

Provision of resources & incentives for institutions will make 24-hr economy work – Mahama

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The flag bearer of the opposition NDC, former President John Mahama, has reiterated his commitment to fulfilling his campaign promise of a 24-hour economy.

Vice President and leader of the governing NPP, Dr Mahamadu Bawumia, has dismissed Mr. Mahama’s understanding of the 24-hour economy policy.

He said the policy was not novelty since it is already being implemented in Ghana through the extended operations of hospitals, fuel companies, and some ‘chop bars.

Responding to critics of the promise, Mr Mahama stated that he knew some companies operate around the clock but was quick to add that the current development was not enough for economic transformation.

Emphasising on the possibility of  the policy, he stated that a future NDC government would facilitate its implementation by providing necessary resources and incentives for interested institutions to make it easier for everyone to participate.

He made the comment during a meeting with some NDC party executives in the Western-North Region as part of his two-day tour of the area dubbed “Building Ghana Tour.”

NDC’s Approach to 24-hr economy

The 24-hour economy policy will be a major boost for the next NDC administration’s import substitution and export drive under John Mahama.

A Mahama government will leverage it to stabilize the national currency, improve Ghana’s reserves, bring down inflation and interest rates, create more employment opportunities and improve livelihoods.

Mahama has pledged that his government will create an enabling environment for businesses and companies to operate 24/7 by providing an atmosphere of improved security and public safety.

He pledges that his government will provide cheaper and reliable electricity for participating businesses based on a Time Of Use (TOU) tariff system.

Mahama has also promised Companies that sign unto the 24-hour economy policy modern smart meters which will be calibrated to charge a lesser tariff (per KW/h) for power consumed during off-peak hours.

Tax Incentives will also be given businesses that subscribe to the 24-hour Economy policy to reduce the cost of their operations and enhance their competitiveness.

The NDC government pledges to provide financing support  for certain strategic agro-processing factories and manufacturing companies to boost production for import substitution and exports.

 

Source: Myxyzonline.com