An Economist, Dr. Evans Nunoo, has described Ghana’s 24-hour economy initiative as a commendable and strategic idea, though he believes more clarity is needed on its implementation.
His remarks follow recent revelations by Presidential Advisor on the 24-Hour Economy and Accelerated Export Development, Dr. Goosie Tanoh, that Ghana will require approximately \$4 billion over the next five years to fully roll out the policy.
Reacting to the proposal on Morning Starr with Naa Dedei Tettey on Tuesday, July 1, Dr. Nunoo commended the policy direction but expressed concern about the limited information available to the public.
Dr. Nunoo stressed that, regardless of how one looks at it, the idea has enormous potential for job creation, economic growth, and overall national development.
However, he cautioned that essential infrastructure, security measures, and incentive packages for night workers must be prioritised to ensure its success.
Dr. Nunoo stated, “No matter how you look at it, the idea behind the 24-hour economy in terms of job creation, in terms of economic growth, in terms of economic development, because then there are some things we need to have, like incentive packages for night workers, like infrastructure, like security, all those things.”
“They would add on to our economic development. And obviously, because there is an expanded economic growth, we are going to experience economic expansion on economic activities. We are going to experience economic growth. So, the intention is correct, but the processes and the implementation strategy has not been too clear.
He explained that successful 24-hour economies in other countries largely evolved organically, with governments only stepping in to formalise and support existing industries.
“We [Ghana] can start off with those that are already in the system, like the hospitality industry, like the public services, immediately passports and the likes. But if we are intentionally propelling the 24-hour economy, then we must be strategic and innovative enough because those that are in the system are quite organic,” he added.
Speaking at a media briefing ahead of the official launch, Dr. Tanoh explained that the programme seeks to holistically transform Ghana’s economy by reducing imports by at least 50%, promoting value addition, and enhancing export development.
The initiative, he emphasised, will be largely private-sector-driven, with government committing an initial $300 million as seed capital to kick-start the process.
The 24-hour economy, officials say, is expected to boost productivity, stimulate job creation, and position Ghana as a competitive player in global markets.
Source: Ghana/Starrfm.com.gh/Hamdia Mohammed
