Ghanaian economist Mr. Isaac Yalley has clarified that the government’s 24-hour economy policy is, in simple terms, a strategic move aimed at expanding the national economy.
According to Mr. Yalley, this policy was a central pillar of the ruling National Democratic Congress (NDC) campaign.
Following its success at the polls, the bill has been passed by Parliament and is currently awaiting the assent of President John Dramani Mahama.
Mr. Yalley argued that if the policy is implemented effectively, it will increase job creation across major sectors.
The passage of the bill provides the regulatory regime and the legal mandate for the formalisation and implementation of the 24-hour economy.
The authority is to implement the 24-Hour Economy and Accelerated Export Development Programme of the government.
Mr. Yalley stated that a stable 24-hour economy cannot exist in a vacuum; it requires seamless integration across all arms of society, including technology, banking, agriculture, manufacturing, the legislature, and the judiciary.
Speaking on Nyankonton Mu Nsem on Rainbow Radio 87.5 FM, he shared the following insights:
“The government has described this policy as a national economic transformation strategy aimed at enhancing productivity and promoting inclusive growth. However, I believe we cannot exclude any institution. For example, if the manufacturing sector intends to run a 24-hour system, they will depend heavily on the security and energy sectors. Without them, the initiative will fail.”
He further stressed that stable energy and robust security are the two non-negotiable pillars of an effective economy. He anticipates that the initiative will be piloted first and then progressively implemented on a full scale across all 16 regions.
Mr. Yalley advised the government to adequately resource security agencies.
This ensures they are fully prepared to combat crime and maintain safety as the 24-hour cycle begins to gain momentum.
By: Rainbowradioonline.com/Ghana
