A Ghanaian economist based in the United States of America, Dr Sa-ad Iddrisu, has called for the separation of politics from economics, highlighting that the 24-hour economy policy proposed by the flagbearer of the National Democratic Congress, John Dramani Mahama, is a game changer.
He further indicated that the policy, described as the game changer, has the potential to unlock new opportunities and jobs for the economy if implemented effectively with sustainable electricity, water, and security.
He again said, that if the policy is poorly implemented, it may lead to potential chaos.
He reiterated, “In today’s globalized world, demand shouldn’t be seen as limited to a country’s local markets. Ghanaian businesses have the opportunity to create demand for their products through exports.”
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He called on all well-meaning individuals to help separate politics from economics, asserting that Ghana will move forward as a result.
Dr Sa-ad Iddrisu, has been an advocate for the 24-hour economy, affirming that it’s the only avenue that can relieve Ghanaians from economic hurdles.
The flagbearer of the National Democratic Congress, John Dramani Mahama, promised that a 24-hour economy, would be a game changer for the Ghanaian economy.
John Mahama addressed the Trade Union Congress (TUC) on November 7, 2023, emphasizing his vision to transform Ghana into a “24-hour economy” should he be re-elected as president in the 2024 election.
Dr Sa-ad Iddrisu, speaking to John Mahama’s policy, said, “The concept of a 24-hour economy, prevalent in most developed nations, involves three working shifts and offers many advantages”.
“Extending business operating hours beyond the conventional 8 a.m. to 5 p.m, would substantially reduce unemployment. The need for additional shifts would create job opportunities and provide workers with flexible working hours, fostering a sustainable and productive workforce.”
“Implementing a 24-hour economy would necessitate enhanced security measures, contributing to reduced crime rates in urban areas. This initiative would also increase employment opportunities within the security forces, especially benefiting the youth.”
“A 24-hour economy would drive attention toward improving essential services like electricity and water supply, which are vital for the economy’s uninterrupted functioning. Addressing these services would significantly benefit citizens, as consistent power and water supply are fundamental to sustaining a 24-hour economy,” he added.
Dr Iddrisu, mentioned nightlife tourism as an added benefit of running a 24-hour economy.
“Adopting a 24-hour economy in major cities such as Accra, Kumasi, Tamale, Takoradi, Ho, and others could stimulate nightlife tourism. By promoting vibrant nightlife, these cities can attract youth and travelers seeking unique experiences, generating additional revenue for local businesses and the overall economy.”
Other advantages he mentioned were traffic reduction and foreign competitiveness. “A 24-hour economy has the potential to alleviate traffic congestion during peak hours, as work schedules would be spread across different time slots, reducing commute times and improving overall city mobility”.
“A thriving 24-hour economy would empower Ghanaian youth to compete globally without relocating. IT companies, for instance, could cater to foreign clients around the clock, generating increased revenue and employment opportunities.”
With all the laudable benefits of a 24-hour economy, Dr Iddrisu cautioned, “However, it is imperative to acknowledge potential challenges. Improper implementation could lead to an upsurge in night crimes, necessitating vigilant support and engagement from citizens, community leaders, religious figures, and chiefs”.
Furthermore, careful consideration is essential in identifying sectors within the Ghanaian economy suitable for 24-hour operation, ensuring a balanced approach without overwhelming specific industries
