Financial Analyst Questions Feasibility of Imposing 24-Hour Economy in Ghana
Renowned financial analyst, Joe Jackson, has expressed skepticism regarding former President John Mahama’s pledge to introduce a 24-hour economy in Ghana, emphasizing that such an initiative cannot be imposed on the Ghanaian population. As Mahama positions the 24-hour economy as a key pillar of his campaign platform for the 2024 presidential election, he argues that this policy would fuel economic growth and generate employment opportunities. However, Jackson believes that to truly establish a 24-hour economy, the government must provide incentives and create an environment that entices entrepreneurs to participate willingly.
As the leader and 2024 flagbearer of the National Democratic Congress (NDC), John Mahama has made the introduction of a 24-hour economy a central theme of his campaign. He asserts that this transformative policy would stimulate economic growth and job creation, particularly among Ghana’s youth. Mahama further pledges to equip the country’s young population with the necessary knowledge and skills to secure a sustainable future.
Mahama envisions implementing the 24-hour economy in 2025, offering incentives and tax breaks to manufacturers who choose to operate additional shifts, thereby expanding employment opportunities. He also intends to alleviate the tax burden imposed by the current New Patriotic Party (NPP) administration, which he argues has diminished Ghana’s status as a prime investment destination within Africa.
Joe Jackson, a prominent financial analyst, has voiced doubts about the feasibility of imposing a 24-hour economy on Ghanaians. Instead, he emphasizes the importance of creating an enticing environment and providing incentives for entrepreneurs to willingly embrace this concept. In an interview on Accra-based Citi FM, Jackson stated that imposing a 24-hour economy would not be effective; rather, the government should trust that entrepreneurs would take the risk and invest their capital in aligning their businesses with the demands of a round-the-clock economy. He illustrated this point by highlighting that if there is a market demand for traditional dishes such as fufu at midnight or locally-produced chips, entrepreneurs will respond accordingly.
The discourse between Mahama’s vision for a 24-hour economy and Jackson’s skepticism highlights the importance of finding a balance between government initiatives and market forces. While Mahama believes in the transformative potential of a 24-hour economy, Jackson emphasizes the need for creating an attractive environment that encourages entrepreneurs to willingly participate. Finding this balance would be crucial in establishing a successful 24-hour economy, driving economic growth, and generating employment opportunities.
As Ghana’s political landscape prepares for the 2024 presidential election, former President John Mahama’s promise to introduce a 24-hour economy has ignited discussions among experts. Financial analyst Joe Jackson questions the feasibility of imposing such a system and suggests that incentivizing entrepreneurs would be a more effective approach. Striking a balance between government initiatives and market forces will be essential for realizing the potential of a 24-hour economy, ultimately contributing to Ghana’s economic growth and employment prospects.
