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| (Joe Jackson) |
Joe Jackson, the Director of Operations at Dalex Finance, has raised skepticism regarding the practicality of ushering in a 24-hour economy in Ghana. According to the esteemed economist, the imposition of such a system lies beyond the scope of government authority, stressing that the most a government can do is offer incentives and trust in the entrepreneurial spirit to drive this transition.
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During an interview with Citi FM on Thursday, November 16, Mr. Jackson emphasized the need for policymakers to carefully assess the potential implications before committing to the concept of a 24-hour economy. In his words, "The important thing is that you cannot impose a 24-hour economy. You can only provide incentives for the 24-hour economy and trust that entrepreneurs would risk their capital and businesses to join in."
Expanding on his viewpoint, Mr. Jackson provided a pragmatic example, stating, "If there is somebody ready, and if there are enough people ready to eat fufu at midnight, I assure you somebody will be pounding fufu at midnight. If there is enough market for me to share my locally produced chips, then I assure you I will produce chips." This perspective challenges the notion that the realization of a 24-hour economy is solely contingent upon government enforcement.
However, contrasting this perspective is the stance of the National Democratic Congress (NDC) leader, John Dramani Mahama, who has outlined the establishment of a 24-hour economy as a pivotal aspect of his campaign leading up to the 2024 presidential election. Mr. Mahama posits that such a policy would significantly contribute to economic growth and job creation, pointing to its potential benefits.
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In a statement commemorating the 2023 International Youth Day, Mr. Mahama underscored his administration's dedication to nurturing a skilled and entrepreneurial youth. He outlined, "A new NDC administration will work urgently to equip our youth with the entrepreneurial knowledge and skills needed for a sustainable future. We will introduce a 24-hour economy with incentives and tax breaks for manufacturers who will run extra shifts to create more room for employment." Additionally, Mr. Mahama pledged to address the tax burden on Ghanaian businesses, aiming to elevate Ghana's status as a prime investment destination in Africa.
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