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MAHAMA’S 24-HOUR ECONOMY IS A BOGUS POLICY FOR THE CURRENT GHANA.
Mr Abraham Kofi Oduro Kyeremateng, the New Patriotic Party-NPP Chairman for the good people of Atwima Kwanwoma Constituency has said ,the limitations of NDC’s 24-Hour Economy as a Campaign promise for Ghana makes it absolutely a bogus policy.
According to him,in the lead-up to any election, we often hear a myriad of promises and policies proposed by political leaders, each designed to capture the attention of the electorates and earn our votes. Among these, the concept of a 24-hour economy has been presented as a beacon of progress and development by the opposition NDC. On the surface, the idea may sound appealing—an economy that never sleeps, where services are available around the clock, and businesses operate continuously to maximize productivity. However, upon closer examination, it becomes clear that a 24-hour economy is not a viable campaign policy for transforming Ghana. Let me explain why.
Firstly, the success of a 24-hour economy is fundamentally dependent on the principles of demand and supply. For businesses to justify staying open around the clock, there must be sufficient customer demand to make it economically viable. If customers do not require services for 24 hours, it is unreasonable to expect businesses to absorb the costs of extended operations. This includes paying workers to stay on the job, maintaining facilities, and covering utility costs during hours when there may be little to no demand.
In Ghana, like in many other countries, consumer behavior is driven by patterns of daily life. Most people engage in economic activities during the day and rest at night. Forcing businesses to operate 24 hours without the corresponding demand is not only impractical but also economically unsound. It would place an unnecessary financial burden on businesses, especially small and medium-sized enterprises, which are the backbone of our economy. These businesses would struggle to sustain the increased costs without the revenue to match.
Furthermore, the implementation of a 24-hour economy as a major campaign message fails to address the more pressing issues facing our nation. Ghana’s economy needs policies that focus on improving infrastructure, enhancing education, creating jobs, and fostering a conducive environment for investment. These are the real drivers of economic growth, not the superficial appeal of a round-the-clock economy.
A 24-hour economy may work in highly developed, densely populated cities where there is a constant flow of activity and demand. However, in Ghana, where we face challenges such as energy supply constraints, inadequate infrastructure, and a largely agrarian economy, pushing for a 24-hour economy without addressing these fundamental issues is unrealistic and potentially detrimental.
In conclusion, while the idea of a 24-hour economy might sound innovative, it is not a practical solution for the challenges we face. As voters, we must critically evaluate campaign promises and demand policies that are grounded in reality, focused on sustainable development, and tailored to our specific economic context. A 24-hour economy should not be presented as a cure-all for our nation’s challenges, but rather, we should focus on policies that will genuinely improve the quality of life for all Ghanaians.