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| Mantse Ayitey |
As Ghana continues to evolve and grow, it is essential for us to explore innovative ways to stimulate our economy and provide more opportunities for our people. One such idea that deserves serious consideration is the John Mahama's concept of a 24-hour economy. While it may not yet be widely implemented across the country, the potential benefits of a 24-hour economy could transform Ghana’s economic landscape, providing growth, employment, and improved infrastructure utilization.
A 24-hour economy refers to a system where businesses and services operate continuously, day and night, offering goods and services 24 hours a day. It allows for extended economic activity beyond the traditional working hours, opening the door for increased productivity, convenience, and global competitiveness. Let me explain some of the key benefits that Ghana can reap from adopting a 24-hour economy.
1. Job Creation and Flexibility
One of the most immediate and significant benefits of a 24-hour economy is the potential for job creation. Industries like retail, healthcare, transportation, and manufacturing can operate multiple shifts, providing jobs for thousands of Ghanaians who may struggle to find work during regular hours. This is particularly beneficial for skilled workers, artisans, and young people who may need flexibility due to family obligations, studies, or other commitments. For many, this would be a game-changer, offering opportunities to earn a living in ways that fit their schedules and lifestyles.
2. Economic Growth and Revenue Generation
A 24-hour economy would significantly boost Ghana’s economic growth. Imagine businesses like markets, shopping malls, restaurants, and transportation hubs running continuously, generating more income, paying more taxes, and stimulating local economies. This could also make Ghana more attractive to investors, as the opportunity for continuous operation would allow for more efficient use of resources and infrastructure, leading to faster economic returns.
3. Efficient Use of Infrastructure
Our roads, transportation systems, and public utilities often experience significant congestion during peak hours, causing delays and reducing productivity. With a 24-hour economy, demand for these resources can be spread across the entire day, reducing pressure on infrastructure and improving the overall efficiency of these services. For example, public transportation operating late into the night would ease rush-hour traffic and provide better commuting options for workers and residents who need to travel during unconventional hours.
4. Supporting the Global Economy
In today’s interconnected world, Ghana cannot afford to remain a 9-to-5 economy. Our businesses and industries must compete on a global scale, and time zones should no longer be a barrier. A 24-hour economy enables Ghanaian businesses to interact with global markets in real-time, be it trading, exports, or communication with international partners. By operating around the clock, Ghana can position itself as a more competitive player in global trade.
5. Convenience for Consumers and Improved Public Services
A 24-hour economy means consumers can access goods and services at any time that suits them. Whether it’s a late-night trip to the market or an emergency service during the early hours, the continuous availability of services can make life much easier for citizens. Additionally, this model can improve public services like healthcare and emergency response, which would operate more effectively and efficiently to serve the needs of all citizens at any time.
6. A Boost to Tourism and Hospitality
Ghana’s tourism and hospitality industry would thrive under a 24-hour economy. Tourists could experience more of our vibrant culture, nightlife, and entertainment options without the limitations of closing hours. Hotels, restaurants, and entertainment venues could operate continuously, offering services to both locals and visitors. This could generate significant income for cities like Accra, Kumasi, and Takoradi, making them major hubs for tourism and nightlife in West Africa.
7. Empowering Small and Medium Enterprises (SMEs)
For small businesses and entrepreneurs, a 24-hour economy opens up new possibilities. Artisans, traders, and SMEs could extend their operating hours, allowing them to serve more customers and increase their profits. With more flexible working hours, businesses can better cater to the diverse needs of their clientele, improving customer satisfaction and building stronger relationships.
In conclusion, the transition to a 24-hour economy will not happen overnight, and it will come with challenges. There will need to be considerations for worker rights, security measures, and infrastructure upgrades to accommodate round-the-clock activities. However, the potential benefits far outweigh the challenges. A 24-hour economy can create jobs, stimulate economic growth, and improve the overall quality of life for Ghanaians.
As we look towards the future, it is essential for us to adopt bold and forward-thinking strategies that will position Ghana as a competitive and dynamic economy. A 24-hour economy is not just a vision for the future, but a pathway to unlocking the full potential of our people and resources. Let’s embrace the opportunities it offers and work together to build a prosperous and thriving nation.
By: Mantse Ayitey
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