Seth Terkper highlights job creation potential in NDC’s 24-hour economy plan
The federation expressed optimism that a reinvigorated manufacturing sector, coupled with targeted measures, would facilitate the realization of the objectives outlined in the proposed 24/7 policy.
In a spirited discussion on the 2024 Budget, former Finance Minister Seth Terkper emphasized the transformative potential of a 24-hour economy for Ghana’s growth.
Mr Terkper, speaking during the NorvanReports and Economic Governance Platform X Space Discussion on Thursday, November 30, 2023, asserted that the implementation of a 24-hour economy by the NDC government will generate substantial employment opportunities for the country’s youth.
Expressing disagreement with Vice President Dr. Mahamudu Bawumia’s claims of an already operational 24-hour economy, Mr Terkper cited halted hospital projects, evening road construction pauses, and delays in critical initiatives like the phase II of the Airport as evidence to the contrary.
He contended, “Admittedly there are some activities taking place on a 24-hour basis, but the stoppage of many activities and projects that will increase productivity round the clock defeats their claim of operating a 24-hour economy.”
Mr Terkper went on to affirm that, if elected in 2025, former President John Mahama’s administration would spearhead a robust and comprehensive implementation of a 24-hour economy.
Meanwhile, the Ghana Federation of Labour (GFL) has expressed its enthusiasm for the commitment shown by former President Mahama in implementing an economic policy geared towards revitalizing collapsed industries, aiming to generate a substantial surge in employment opportunities.
Representing diverse sectors, the federation warmly welcomed the proposal, citing the historical success of a three-shift system in manufacturing industries from the 1970s to the early 1990s.
Mr. Abraham Koomson, the General Secretary of GFL, conveyed the federation’s unwavering support for the 24-hour Economy in an official statement. During the specified period, the statement highlighted, the three-shift system played a pivotal role in providing gainful employment for thousands of workers.
However, the federation expressed lamentation over the systemic failures of subsequent economic policies, which precipitated the decline of these industries, resulting in extensive job layoffs. The statement further underscored that numerous investors redirected their capital to more business-friendly environments in other African countries, exacerbating unemployment within Ghana.
In response to the National Democratic Congress’s (NDC) proposal to reintroduce the three-shift system, the GFL pledged its wholehearted support. The federation believes that the effective implementation of measures to combat smuggling, piracy of locally manufactured products, and the removal of burdensome taxes could spark a resurgence of local industries, thereby creating much-needed employment opportunities, as argued in the statement.
The federation expressed optimism that a reinvigorated manufacturing sector, coupled with targeted measures, would facilitate the realization of the objectives outlined in the proposed 24/7 policy.
Source:norvanreports
