The success of Ghana's 24-hour economy initiative depends on active private sector participation and a favourable business environment. According to Abraham Koomson, Secretary-General of the Ghana Federation of Labour, government institutions alone cannot generate enough employment opportunities to make the policy successful. Private businesses and manufacturing companies must take the lead in expanding production and operating multiple shifts.
The 24-hour economy should go beyond government offices and ministries operating throughout the day and night. Factories and private businesses must be encouraged to operate around the clock to increase industrial production, create jobs, and strengthen the country's productive capacity. This will help address the country's unemployment challenges, particularly among the youth.
However, businesses are hesitant to expand operations due to an unfavourable economic environment. Excessive taxation, smuggling, and unfair competition from imported goods discourage investment and undermine local industries. Some businesses have relocated to countries like Côte d'Ivoire, Togo, and Nigeria due to difficulties in Ghana.
To address these concerns, Abraham Koomson urged the government to reduce unnecessary tax burdens and tackle smuggling to restore investor confidence. Creating favourable conditions for businesses to thrive would encourage existing companies to expand while attracting new investors into the productive sectors.
A properly implemented 24-hour economy could revive industrial activity, increase employment opportunities, and provide sustainable jobs, particularly for the youth. The initiative's success would ultimately depend on strong collaboration between government and the private sector.
The Ghana Federation of Labour's Secretary-General expressed optimism that with the right implementation, the 24-hour economy could have a positive impact on the country's economy. He stressed that the government must work with the private sector to create an enabling environment for businesses to operate profitably and sustainably.
The 24-hour economy initiative aims to increase industrial production, create jobs, and strengthen Ghana's productive capacity. Its success relies heavily on the government's ability to collaborate with the private sector and address the concerns of local manufacturers.
Key points
- The 24-hour economy requires private sector participation and a favourable business environment to succeed.
- Excessive taxation, smuggling, and unfair competition from imported goods discourage investment and undermine local industries.
- A properly implemented 24-hour economy could revive industrial activity and increase employment opportunities.
