Mahama’s 24-Hour Economy: A Bold Vision for Ghana’s Future

Former President John Dramani Mahama has unveiled an ambitious and transformative economic policy, the 24-Hour Economy, as part of the National Democratic Congress (NDC) agenda for Ghana’s economic revival. This innovative policy aims to revitalize key sectors, drive sustainable growth, and create a robust framework for continuous productivity.

At its core, the 24-Hour Economy is built on a strategy of round-the-clock operations in both businesses and public institutions, structured in three eight-hour shifts. This approach seeks to increase employment, enhance productivity, boost revenue generation, and expand access to critical public services.

In a recent address, Mahama highlighted the transformative potential of the policy, stating:

“The 24-Hour Economy is more than just a policy; it’s a catalyst for industrialization, export promotion, and job creation. It’s about building an economy that works for everyone, every hour of the day.”

Transforming Key Sectors

The policy is centered on reinvigorating key sectors such as agro-processing, manufacturing, pharmaceuticals, construction, and financial services. To support this vision, strategic investments in infrastructure, energy, and security will provide businesses with a conducive environment for growth.

Public institutions with high customer interactions, such as ports, customs offices, and the Driver and Vehicle Licensing Authority (DVLA), will operate on a 24-hour schedule to enhance efficiency and service delivery.

To oversee these efforts, an Accelerated Export Development Authority (AEDA), chaired by the President, will coordinate export promotion strategies. The implementation of a new Employment Act, developed in consultation with organized labor and key stakeholders, will ensure smooth regulation of the policy while addressing labor concerns.

Supporting Businesses and Workers

A cornerstone of Mahama’s vision is a comprehensive support framework for businesses participating in the 24-Hour Economy. Benefits include:

• Tax incentives to ease operational costs.
• Financing support through the Ghana Exim Bank.
• Cheaper electricity rates via a Time-of-Use tariff system.

The policy also promotes the Made in Ghana Agenda, encouraging the consumption of locally produced goods to stimulate domestic demand and boost national pride.

For workers, the policy guarantees decent-paying jobs and improved welfare. The structured eight-hour shifts aim to enhance work-life balance while fostering a culture of good work ethics across public and private sectors.

A Vision for National Development

John Mahama’s 24-Hour Economy Policy exemplifies visionary leadership, targeting import substitution, export promotion, and industrialization. By leveraging these strategies, Ghana is poised to emerge as a competitive force in the global economy.

As the December 2024 elections approach, this bold policy outlines a clear and inclusive pathway to economic revitalization, ensuring opportunities for all Ghanaians. With its comprehensive framework, the 24-Hour Economy Policy underscores Mahama’s unwavering commitment to transformative national development.