Accra: Since taking office six months ago, Ghanaian President John Mahama has focused on reviving the country’s economy, a key promise of his campaign. The new leader aims to transition the West African nation from relying solely on traditional sectors to establishing a more diversified economy. Mahama has introduced a “24-hour economy” designed to create job opportunities around the clock and transform Ghana from an import-based economy to self-sufficiency.
According to Deutsche Welle, Mahama’s plan is about more than creating cities that operate nonstop. It aims to boost Ghana’s economic output by extending the operating hours of vital industries from an average of eight hours to 24 hours daily. This ambitious policy could create 1.7 million new jobs nationwide by the end of the decade, potentially reducing unemployment by 5%.
Economist Daniel Amateye Anim highlights potential challenges in moving from the theoretical idea behind the policy to its implementation. He estimates that about $4 billion is needed to drive this policy, with Ghana already owing $3 billion to the International Monetary Fund after repeated defaults on existing debt. The program’s success may hinge on identifying private sector partners with the financial strength to support such an innovative initiative.
DW’s correspondent in Accra, Isaac Kaledzi, notes that the execution of the 24-hour agenda could face hurdles due to questions about funding and a lack of infrastructure. With Ghana currently struggling with power supply, Kaledzi emphasizes that infrastructure improvements are necessary before implementing the plan nationwide.
Mahama’s plan involves collaboration between labor unions, the private sector, and international development partners. However, Amateye warns that balancing these stakeholders’ interests could be challenging. The reliance on the private sector might result in larger companies having too much influence, potentially skewing the intended benefits of the 24-hour economy.
The shift to a 24-hour economy also requires a change in mindset among Ghanaians. Amateye believes that public trust in government must be restored, and workers need to rethink their perspectives on work, moving away from a focus on white-collar jobs towards vocational and technical training. This change is essential for supporting the innovative approach of a 24-hour economy.