24-Hour economy’s success dependent on demand – Economist
By: Rebecca Okine
A Development Economist at the University of Ghana, Dr. George Domfe, has cautioned that the success of the 24-hour economy policy will depend heavily on demand, not just government directives. He stressed that without consistent consumer activity and incentives for businesses, the policy may struggle to achieve its intended goals.
His comments follow President John Dramani Mahama’s announcement on Wednesday, June 11, that the 24-hour economy policy will officially roll out on July 1, 2025.
The initiative aims to extend operations across sectors including agriculture, manufacturing, transportation, and healthcare. Its first phase will focus on ensuring round-the-clock operations at the Tema and Takoradi ports to enhance productivity and Ghana’s competitiveness as a regional trade hub.
Speaking on Zed FM’s current affairs program The Focus on Saturday, June 15, 2025, Dr. Domfe said the idea of a 24-hour economy must be rooted in demand rather than imposed from the top down.
“A 24-hour economy is more of a demand-driven concept. If you create the environment but there is no demand, then it becomes a problem,” he said.
Dr. Domfe explained that in economies like China, 24-hour industrial activity was not initially a policy decision but an outcome of high demand. “Factories there operate through the night because people across the world are always ordering goods. No one told them to run 24 hours, demand made it necessary,” he emphasized.
Dr. Domfe also pointed to similar demand patterns in Ghana. “If you’ve lived in a village, you’d know that during Christmas, dressmakers don’t sleep. They work overnight because people are always sending in clothes.”
To encourage participation, Dr. Domfe reiterated earlier comments by the National Democratic Congress (NDC) Chairman, Johnson Asiedu Nketia, who proposed cutting taxes and electricity tariffs for businesses operating at night.
“If electricity is cheaper and taxes are waived at night, that’s a strong motivation. The lady at Makola will be more likely to keep her shop open if her bills are lower and she pays fewer taxes,” he explained.
However, the Development Economist warned that incentive structures alone will not guarantee success. Dr. Domfe added that while policy frameworks are important, the real test will lie in stimulating both business activity and consumer behavior at night.
