China stands as a powerful example of how a developing nation can transform its economy through strategic planning and effective implementation.
Ghana, in its quest to revitalize economic growth under the Government’s proposed 24-hour economy initiative, can learn vital lessons from China’s practical approach to job creation, industrialization, and poverty reduction.
At the heart of China’s success are three key principles: the operation of a functional 24-hour economy that runs every day of the year, the establishment of small-scale industries and manufacturing hubs, and the creation of a secure, business-friendly environment that encourages investment and innovation.
For Ghana, the path to a successful 24-hour economy begins with clear goals and a phased approach. The focus should be on manufacturing, food processing, distribution, and essential services—sectors that can operate around the clock. By starting small and ensuring coordination and consistency, the nation can build a sustainable model for growth.
Significant opportunities exist within Ghana’s economy for job creation and industrial development. The government must identify priority sectors and support them through targeted policies and financial incentives. Food processing, packaging, and distribution should be top priorities, addressing two critical challenges at once—reducing hunger and minimizing post-harvest losses.
To achieve this, the government can collaborate with the private sector through public-private partnerships (PPPs) and provide funding through local banks. Creating a robust and secure business environment will be essential for long-term success.
China’s model demonstrates that with state-backed security, access to finance, and efficient coordination of production and supply chains, small and medium enterprises can thrive. Ghana can emulate this approach to stimulate industrial activity, reduce imports, and improve its balance of payments.
The 24-hour economy is not just an idea—it is a practical and achievable strategy. With strong political will, effective planning, and nationwide support, Ghana can transform its economy, create jobs, and ensure inclusive growth. The time to act is now. Let’s learn from China and reset Ghana’s economy for a brighter, more productive future.
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DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.
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