Evaluating the Viability of Ghana's Proposed 24/7 Economy
By: Samuel Yeboah Adams - Kyzzfmonline
November 24, 2023

The proposal for a 24-hour economy put forward by the opposition party, the National Democratic Congress (NDC), has sparked both approval and skepticism.

Despite reservations from the ruling New Patriotic Party (NPP), the concept has garnered substantial support among many.

During an interview on the KYZZ FM morning show, Mr. Abaidoo, a chartered accountant and economist, shed light on the global practice of a 24/7 economy and its potential implications for Ghana.

Mr. Abaidoo acknowledged that internationally, the 24/7 economic model is a prevalent practice.

In Ghana's context, he highlighted the need for adequate infrastructure, bolstered security measures, and institutional readiness to accommodate the activities slated for nighttime operations.

Stressing the importance of stringent security in areas affected by the policy, he underscored the necessity for incentives to facilitate its smooth implementation.

However, Mr. Abaidoo cautioned that a change in government could pose significant challenges to executing the policy effectively.

He emphasized the necessity for sustained long-term development strategies within the policy framework, expressing concerns that a lack of continuity in government initiatives could hinder successful implementation.

He emphasized that for the policy to be fruitful, it requires substantial resources, capital, and robust partnerships between the state and private sectors.

He suggested leveraging the existing industries and revitalizing the legacy of Dr. Kwame Nkrumah's 413 industries scattered across the nation to industrialize the economy.

In his closing remarks, Mr. Abaidoo proposed a shift in the approach to acquiring loans, advocating for directing funds into productive sectors rather than consumptive ones.

He emphasized the importance of prudent policies that generate income and advocated for a change in attitude towards productivity to bring the 24/7 economy concept to fruition.

The discussion highlighted the potential opportunities and challenges of implementing a 24/7 economy in Ghana.

It underscored the necessity for comprehensive planning, sustained support from various sectors, and a shift in economic strategies to realize the transformative vision of this proposed policy.