The Ghana Union of Traders (GUTA) believes the 24-hour economy policy promised by President John Dramani Mahama will succeed with an enabling environment for businesses.
President of GUTA, Dr. Joseph Obeng, argued that creating the enabling environment, including flexible tax systems, is one of the surest ways of making the policy thrive.
Speaking in an interview on Frontline on Rainbow Radio 87.5FM, Dr. Obeng said,’’If the government is prepared to create the enabling environment by reducing taxes and enhancing productivity, the policy will succeed. Without creating the enabling environment and enhancing productivity, it would be difficult to implement the policy. Increased productivity will have a long-term effect on the policy”.
He explained that if demand for goods and services increases, business owners will employ more people, expand, and create opportunities for others to find jobs and work on shifts.
‘’So without the productivity, the 24-hour economy will fail. It is intertwined by creating an environment for businesses to thrive, expand, and become more competitive. We cannot compete if we have nuisance taxes; the depreciation of the cedi would not allow us to export to other neighbouring countries. If we produce a thousand goods and increase it to 10,000, it will require more hands, and so the businesses will employ more people,’’ he added.
Meanwhile, President John Dramani Mahama has appointed Mr. Augustus Goosie Tanoh to oversee his flagship 24-hour economy policy.
Mr. Tannoh has been appointed as Presidential Advisor for the 24-Hour Economy and Accelerated Export Development.
The 24-hour economy, according to the incoming administration, will be a deliberate policy intervention to encourage and support certain businesses and companies to operate 24/7, preferably in a three-shift system of 8 hours each, by creating an enabling environment that promotes productivity, competitiveness, and well-paying jobs.
The 24-hour economy will be mainly anchored on Mahama’s overarching vision to create sustainable jobs for Ghanaians.
This will be achieved through his agenda to modernise and mechanise agriculture; provide incentives for the private sector to thrive; promote agro-processing and manufacturing; and transform Ghana into an import substitution and export-led economy, among other things.
The 24-hour economy policy will be a major boost for John Mahama’s import substitution and export drive.
Mr. Mahama had consistently explained that the policy will help stabilise our national currency, improve our reserves, bring down inflation and interest rates, create more employment opportunities, and improve livelihoods.
By: Rainbowradioonline.com/Ghana
