John Mahama's 24-Hour Economy Policy: Importance and Backlash

 

John Mahama, former President of Ghana, proposed a 24-hour economy policy as part of his broader economic strategy. This policy aims to transform Ghana’s economic landscape by extending operational hours across various sectors to maximize productivity and economic growth.

The Importance of the 24-Hour Economy Policy

1. Economic Growth and Job Creation: By enabling businesses to operate around the clock, the policy can significantly boost economic activity. Extended operational hours mean increased production, sales, and overall economic output, potentially leading to job creation. Industries like manufacturing, retail, and services would benefit from increased activity, fostering a more dynamic and resilient economy.

2. Increased Productivity: A 24-hour economy allows for the utilization of existing infrastructure and resources more efficiently. Businesses can optimize their operations, reduce idle time, and enhance productivity. This can lead to improved economic efficiency and competitiveness on a global scale.

3. Boost to the Service Sector: Sectors such as hospitality, transportation, and healthcare would see enhanced service availability. For example, 24-hour transport services would facilitate easier movement of people and goods, while round-the-clock healthcare services can better meet the needs of the population.

4. Enhanced Business Opportunities: Extended hours open new avenues for business growth and innovation. Retailers, restaurants, and entertainment venues, among others, can tap into new market segments and cater to varying consumer schedules and preferences.

Former Perez Mahama

Backlash and Challenges

1. Infrastructure and Safety Concerns: Operating a 24-hour economy necessitates robust infrastructure and safety measures. Concerns about the adequacy of power supply, security, and the impact on public services are significant. Ensuring that infrastructure can support round-the-clock activity without compromising safety and quality is a major challenge.

2. Increased Operational Costs: Businesses might face higher costs due to extended operational hours. These costs include additional wages for night shifts, increased utility bills, and other operational expenses. For some businesses, especially small and medium enterprises, these costs could be prohibitive.

3. Impact on Workers’ Health: Working round the clock can have adverse effects on employees’ health and well-being. Disruption of normal sleep patterns and increased stress can lead to health issues. Addressing these concerns with appropriate labor laws and support systems is crucial.

4. Socio-Cultural Impact: The shift to a 24-hour economy might alter traditional lifestyles and community activities. Changes in daily routines and family life could result in resistance from those who prefer the existing structure. Balancing economic benefits with cultural and social considerations is essential.

In conclusion, while John Mahama’s 24-hour economy policy presents an opportunity for substantial economic growth and development, it also faces significant challenges. Addressing these concerns proactively will be key to the policy’s successful implementation and long-term impact on Ghana’s economy.