Dr. Peter Boamah Otokunor, head of Inter-Party Affairs and Civil Society Organizations (CSO) of the NDC, has emphasised the transformative potential of Ghana embracing a 24-hour economy.
He made this statement during a meeting with CLOSSAG in Accra, where Dr. Otokunor outlined the profound impact the policy could have on Ghana’s economic landscape.
“The 24-Hour Economy will herald an economic change in Ghana’s potential to significantly curb unemployment and drive sustainable economic growth across various sectors,” he said.
Dr. Otokunor also reiterated that President Mahama’s 24-Hour economy policy revolves around transforming Ghana into a self-sufficient and export-led economy through a three-shift work schedule.
Moreover, he outlined specific measures, including legislative support, tax incentives, and regulations, to facilitate businesses operating 24/7.
He also promised a favourable environment for companies participating in the initiative, offering reduced power tariffs during off-peak hours through the “Time of Use Tariff” for power consumption and financial support for strategic industries.
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“We must leverage key input costs such as power and raw materials,” Dr. Otokunor emphasised.
“By incentivizing companies through targeted policies, we can ensure that the benefits of a 24-hour economy are maximized.”
In response to concerns about feasibility and implementation, Dr. Otokunor reassured stakeholders that comprehensive frameworks would be put in place to support businesses transitioning to round-the-clock operations.
The proposal has garnered support from stakeholders within CLOSSAG, who view it as a pivotal step towards positioning Ghana as a regional economic powerhouse.
By optimising labor utilisation and operational efficiencies, proponents argue, Ghana can unlock its full economic potential while addressing pressing social challenges such as unemployment.
