Former Auditor General Daniel Yaw Domelevo has okayed former President John Dramani Mahama’s 24-hour economy.
According to him, if well implemented, the policy will go a long way towards helping Ghanaians and the economy in general.
He was swift to add that the policy ought to be well implemented so that we will benefit from it as a country.
He was asked if the 24-hour economy would be helpful, and in his response, he said, ”Yes. It must be implemented carefully and gradually. It cannot come as a big bang”, he told Dr. Ren in an interview on Rainbow Radio 92.4 FM, United Kingdom.
He recounted how he attended a workshop in 2023 in Ethiopia, and the workshop ended on a Saturday, ”they gave me a cheque that I should go and cash. I asked the guy if he was serious. Today is Saturday, and it is 5:00, and you are giving me a cheque. You know that I am leaving the country the next day, which is Sunday, so how am I going to cash the money? He said to go and cash it, and true to his word when we went to the bank, they were open around 6 p.m. I asked the manager when they closed, and he told me they closed at 8 p.m. and told me they were closed at that time because that was the time their clients closed from work and would come and deposit or transact business”
.He explained that one challenge confronting Ghana is the introduction of good policies being implemented badly, and ”so if this government or the next government wants to introduce a 24-hour economy, they should take their time, plan it, and see how we can provide security. We can do all that is needed and the infrastructure required for it to be dome, and I think it is not a bad idea at all”.
What is the 24-Hour Economy?
Former President John Dramami Mahama has said his next administration will pursue projects and programmes to transform Ghana into a fully-fledged 24-hour economy by optimising available resources.
The proposed 24-hour economy forms part of the NDC’s vision to build the Ghana We Want. Let me reiterate that our quest to build the Ghana we want together with you will be premised on: Building an industrialised, inclusive, and resilient economy that creates well-paying jobs, Creating an equitable, healthy, and prosperous nation, Developing well-planned, safe communities while protecting the natural environment, Building effective, efficient, and dynamic institutions for national development; and Strengthening Ghana’s role in African and international affairs.
According to him, the 24-hour economy is a game-changer for the Ghanaian economy. It will benefit your businesses, employment, and the enjoyment of the youth who are seeking jobs.
The 24-hour policy will be anchored as an economy that runs around the clock with a three-shift work schedule in many sectors. The intent is to transform Ghana into, first, a self-sufficient and then an export-led economy.
To be clear, we are not creating a command economy with centralised planning. That would be at variance with the Social Democratic ideology of the NDC.
Specifically:
- We will combine government support and private sector involvement to realise the 24hour economy.
- We will establish a comprehensive policy framework that supports the growth of a 24hour economy.
- Legislation will be introduced to support businesses operating 24/7, including labour laws, tax incentives, and regulations that ensure workers’ rights and protection.
- Favourable tax policies will be adopted so that businesses can reduce their operational cost and stay competitive.
- Companies that sign up for the 24-hour economy policy will enjoy smart metering calibrated to charge a lesser tariff (per KW/h) for power consumed during off-peak hours at night based on a Time of Use (ToU) tariff system.
- Financing support will be provided for certain strategic agro-processing firms and manufacturing companies to boost production for value addition, self-sufficiency, and increased exports.
- Knowing that the government is the biggest spender in the economy, we shall boost demand by ensuring that all government ministries, agencies, assemblies, and stateowned enterprises buy made-in-Ghana goods and procure the services of Ghana-based firms where available.
- We will address safety and security measures to ensure smooth operations across all sectors during extended hours.
- We will see the availability of the necessary infrastructure, such as transportation networks, public amenities, and security systems, including a well-regulated and monitored private security architecture to facilitate round-the-clock activities.
- Technology and digital infrastructure investment would also be prioritised to enable automation and seamless operations.
- We cannot have a successful 24-hour economy without an aggressive expansion in our exports.
- I will, therefore, personally chair an Accelerated Exports Development Council (AEDC), which will meet quarterly to review initiatives for expanding Ghana’s exports under the ECOWAS Trade Liberalization Scheme (ETLS) and the African Continental Free Trade Agreement (AfCFTA).
- There will be extensive consultation and collaboration with various stakeholders, including CEOs, businesses and workers’ unions.
- Businesses will be encouraged to empower the workforce with the necessary skills and training to thrive in a 24-hour economy, focusing on the most impacted sectors.
- Sanitation, cleaning services, garbage collection and environmental protection will also form a significant part of the 24-hour economy.
- Financial services at the port, shipping agents, and customs will be enabled to work additional shifts at night and at weekends to allow for the 24/7 clearing of goods at our ports. This will help reduce demurrage charges on importers and reduce congestion at our ports.
By: Rainbowradioonline.com/Ghana
