Another look at Mahama’s 24 hour economy

The concept of a 24-hour economy offers several benefits that can contribute to the growth and resilience of urban areas. And some of the key advantages are as follows:

A 24-hour economy can lead to the creation of new jobs, particularly in sectors such as hospitality, retail, and security which could increase economic activity and allow businesses that operate around the clock to generate more revenue, contributing to the overall economic activity of a town.

In addition, a diverse economy that operates continuously can be more resilient to economic downturns, and for some workers, flexible hours can provide a better balance between their professional and personal lives.

Spreading out economic activity over a 24-hour period can help reduce peak-time congestion, besides, more businesses operating longer hours can lead to higher tax revenues for local governments.

And it is a fact that countries which embrace the 24-hour economy often see revitalisation and an improved quality of life for it citizens.

H.E. John Mahama’s 24-hour economy policy, therefore, aims to promote economic growth and create job opportunities by extending business operating hours to 24 hours a day. The policy is designed to boost productivity, increase revenue generation, and improve the overall competitiveness of the economy.

Key components of the policy include improving infrastructure such as roads, electricity, and telecommunications to support round-the-clock operations. And streamlining regulations and licensing processes to facilitate extended operating hours for businesses.

Other key components are enhancing security measures to ensure the safety of businesses and workers operating during non-traditional hours; and collaborating with businesses, labour unions, and other stakeholders to ensure the successful implementation of the policy.

Eventually, John Mahama’s 24-hour economy policy will create a more dynamic and vibrant economy that can operate around the clock, leading to increased economic growth and job creation.

By: Anthony Obeng Afrane