Ghana is one of the countries that has expressed interest in creating a 24-hour economy as part of its vision for transformation and progress.
Former president John Mahama proposed this initiative as a way to stimulate economic growth, create jobs and improve public services. He also envisioned a 24-hour economy that would leverage technology, infrastructure and human resources to drive innovation and inclusion.
What is a “24 hour economy”?
The 24-hour economy is a model of economic activity that operates around the clock, without interruption. It aims to increase productivity, efficiency and competitiveness by extending operating hours in various sectors and industries.
A 24-hour economy also seeks to create a more inclusive and diverse environment that caters to the needs and preferences of different segments of the population.
Potential Benefits
Some of the potential benefits of a 24-hour economy for Ghana include;
Increased productivity
By expanding working hours in government sectors such as health care, public safety and administration, a 24-hour economy would ensure that essential services are available without interruption. This would contribute to a more efficient and effective service delivery mechanism.
Diversification of industries
A 24-hour economy would require identifying and supporting industries that can operate around the clock, such as hospitality, entertainment and e-commerce. This would create a more dynamic and diverse economic landscape that can capitalize on emerging global trends.
Technological integration
A 24-hour economy would rely heavily on technological advances, such as digitization, automation, and smart technologies. These would enhance operational efficiency, reduce costs and position Ghana as a leader in the Fourth Industrial Revolution.
Job creation and economic inclusion
A 24-hour economy would create a significant number of jobs in various sectors and industries. It would also provide economic opportunities to a wide range of people, such as women, youth and informal workers, who may face barriers or challenges in accessing traditional employment.
A 24-hour economy would require a comprehensive regulatory framework that addresses issues such as labor law, taxation, safety, environmental impact and social welfare.
Promotion of small and medium enterprises (SMEs)
A 24-hour economy will provide support and incentives for SMEs to actively participate in extended working hours. SMEs play a vital role in economic growth, innovation and diversity.
Social and cultural implications
A 24-hour economy would have social and cultural implications for Ghana. It would boost the country’s nightlife, which could attract tourism and contribute to its cultural wealth. It would also require adjustments in lifestyle, behavior and norms to accommodate changes in time use.
Disadvantages and Risks
However, a 24-hour economy also poses some challenges and risks for Ghana, such as;
Infrastructure development
A 24-hour economy would require significant investment in infrastructure development, such as transport networks, digital connectivity and energy sources. These are key elements that will allow businesses to run smoothly throughout the day and night.
Regulatory framework
A 24-hour economy would require a comprehensive regulatory framework that addresses issues such as labor law, taxation, safety, environmental impact and social welfare. These are complex issues that require careful consideration and consultation with various stakeholders.
Social cost
A 24-hour economy could have negative effects on the health, well-being and quality of life of workers and citizens. It could disrupt the natural circadian rhythm, which regulates sleep patterns and biological functions. It could also affect family life, social relationships and community cohesion.
Therefore, creating a 24-hour economy in Ghana is not a simple or straightforward process. It requires a holistic approach that balances the benefits and costs of such a transformation. It also requires strategic planning, implementation, monitoring and evaluation to ensure that the desired results are achieved.
A 24-hour economy is an ambitious and visionary concept that has the potential to reshape Ghana’s economic landscape. It could be a catalyst for progress that redefines the country’s relationship with time. However, it also entails significant challenges and risks that must be carefully addressed.
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