Ghana's Ambitious Move Towards a 24-Hour Economy

In a bold initiative aimed at revitalizing its economy, Ghanaian President John Mahama has proposed the establishment of a 24-hour economy. This strategy seeks to transition the nation from its traditional sectors to a more diversified economic framework.

President Mahama, who has been in office for six months, emphasizes that the 24-Hour Plus Program will serve as a vital catalyst for economic growth. The objective is to create job opportunities around the clock, thereby reducing dependence on imports and moving towards self-sufficiency.

Under this plan, various industries are expected to operate in three shifts of eight hours each, ensuring that economic activities can continue uninterrupted throughout the day and night. Key sectors targeted include agriculture, manufacturing, and essential services, with the potential for expansion into other areas in the future.

Despite the promising outlook, significant questions arise regarding the feasibility of this initiative. Experts point out that while the concept of a non-stop economy is appealing, the practical challenges could hinder its successful implementation.

Ghana's capital, Accra, currently lacks the infrastructure and amenities of cities known for their 24-hour operations, such as New York or Tokyo. However, there exist vibrant informal nighttime economies in Accra and other African cities, indicating a potential foundation for this initiative.

The ambitious policy aims to generate approximately 1.7 million new jobs by the end of the decade, which could potentially lower the unemployment rate by 5%. However, economist Daniel Amateye Anim warns that the transition from concept to practice could be problematic, particularly regarding funding. The estimated cost to implement this policy is around $4 billion, which raises concerns given Ghana's existing debt obligations to the International Monetary Fund.

While the government is taking the lead on this innovative policy, its success will depend heavily on collaboration with the private sector, labor unions, and international partners. The challenge lies in balancing the interests of these stakeholders and ensuring equitable participation.

Infrastructure issues also pose a significant hurdle. Currently, Ghana faces challenges with consistent power supply, which could undermine the practicality of a 24-hour operational model. Additionally, smaller enterprises may be hesitant to participate if they fear financial losses from overproduction.

Despite these challenges, the initiative has the potential to inspire young people and create new business opportunities, such as restaurants and services catering to shift workers. However, a cultural shift in the workforce's mindset may also be required, as many Ghanaians historically seek traditional white-collar jobs rather than vocational training.

Amid these complexities, President Mahama aims to restore public trust by fostering transparency and accountability in government operations related to the 24-hour economy. The successful execution of this plan could mark a significant transformation for Ghana, but it will require careful planning, investment, and a willingness to adapt.