The 24-hour economy
One of President Mahama’s most high-profile pledges during his campaign was his bid to build a “24-hour economy” in order to boost employment and unlock the potential of industry.
The president said the initiative is a “a deliberate policy to encourage and support businesses and public organisations to operate 24/7 in three shifts of eight hours to boost production, promote productivity and generate well-paying jobs… aimed at transforming Ghana into an import substitution and export-led economy.” The idea is that with increased activity more jobs can be created, in particular in non-traditional hours.
As well as focusing on traditionally strong sectors like agriculture and agribusiness, the 24-hour economy will be unleashed at public institutions with a large customer base, including ports and harbours, customs, DVLA and the passport office, which has been chosen to lead the way for a start to the 24hr economy program.
In the aftermath of Ghana’s debt default in 2022, the 24-hour economy joins pledges in education, public health, and infrastructure, which are likely to require government investment.
To try to stimulate greater activity in the private sector, President Mahama has also suggested he would expand credit for small and medium-sized enterprises and create more business incubators. He also pledged to bring back the “Jobs for Youth” scheme to boost employment among young people, and to halt the controversial imposition of VAT on essentials such as food and petrol in order to ease cost of living pressures.
