Director of Operations at Dalex Finance, Joe Jackson, has expressed skepticism about the feasibility of imposing a 24-hour economy on Ghanaians.
According to the economist, no government or president has the power to enforce such a system, emphasizing that the most a government can do is provide incentives and trust that entrepreneurs will take the initiative.
During an interview with Citi FM on Thursday, November 16, Mr Jackson urged policymakers to carefully consider the implications before investing in the idea of a 24-hour economy.
He stated, “The important thing is that you cannot impose a 24-hour economy. You can only provide incentives for the 24-hour economy and trust that entrepreneurs would risk their capital and businesses to join in.”
Mr. Jackson went on to illustrate his point by saying, “If there is somebody ready, and if there are enough people ready to eat fufu at midnight, I assure you somebody will be pounding fufu at midnight. If there is enough market for me to share my locally produced chips, then I assure you I will produce chips.”
This perspective contradicts the position of the National Democratic Congress (NDC) leader, John Dramani Mahama, who has made establishing a 24-hour economy one of the key pillars of his campaign ahead of the 2024 presidential election.
Mr Mahama argues that such a policy would contribute to economic growth and job creation.
In a statement commemorating the 2023 International Youth Day, Mr. Mahama outlined his administration’s commitment to nurturing a skilled and entrepreneurial youth.
He stated, “A new NDC administration will work urgently to equip our youth with the entrepreneurial knowledge and skills needed for a sustainable future. We will introduce a 24-hour economy with incentives and tax breaks for manufacturers who will run extra shifts to create more room for employment.”
The former President also pledged to address the burden of taxes on Ghanaian businesses and investors, asserting that it has diminished the country’s standing as a leading investment destination in Africa.
The debate over the feasibility and desirability of a 24-hour economy in Ghana continues as the political landscape evolves towards the 2024 general elections.
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