By Shelter LOTSU(Dr)
In recent discussions on economic revitalisation, the concept of a 24-hour economy has emerged as a significant policy proposal for Ghana. Critics argue that it’s merely an aspirational slogan with little substance, yet a deeper exploration reveals that the 24-hour economy could be a transformative force, particularly for the private sector.
By extending business hours across various sectors, this policy can catalyse job creation, enhance service delivery, invigorate the transport sector, foster youth innovation and uplift Ghana’s overall economic performance. Here’s how this visionary approach can materialise into tangible benefits.
Revitalising the private sector
A 24-hour economy can significantly benefit the private sector by increasing operational flexibility and maximising productivity. Businesses that operate around the clock can serve more customers, optimise resource use, and boost sales.
Retailers, supermarkets and restaurants can cater for diverse customer needs, including those with non-traditional work hours, while manufacturing plants can enhance production outputs by utilising non-peak hours, reducing idle machinery and increasing overall efficiency.
For example, in cities like New York, 24-hour supermarkets have seen a 20 percent increase in sales by accommodating late-night shoppers. Similarly, a retail chain in Accra could extend its hours into the night, attracting shoppers who are otherwise unable to visit during the day, thereby boosting sales and customer satisfaction.
Creating real jobs
One of the most tangible benefits of a 24-hour economy is job creation. As businesses expand their hours of operation, they will require additional staff to cover these extended periods; thus, creating new employment opportunities. This can be particularly impactful in sectors such as retail, hospitality, security and transportation.
For example, A 24-hour supermarket in Johannesburg created 200 new jobs for additional shifts of cashiers, stock clerks and security personnel, directly creating jobs and indirectly generating demand for suppliers and service providers.
A busy supermarket check–out area with multiple cashiers and customers during late hours.
Improving service delivery
Extending operating hours can dramatically improve service delivery by reducing congestion during peak hours and offering more flexible access to services. Government offices, healthcare facilities and customer service centres that adopt extended hours can serve a broader population and enhance convenience for citizens.
For example, in Singapore, extended hours at healthcare facilities reduced average wait times by 30 percent and increased patient satisfaction scores by 40 percent.
Revolutionising the transport sector
The transport sector stands to gain significantly from a 24-hour economy. With increased demand for movement during non-peak hours, transport services can operate more continuously, balancing the load on infrastructure and reducing rush-hour congestion. This shift can also encourage investments in transportation infrastructure, such as improved lighting and safety measures for roads and public transit systems, making travel safer and more efficient.
For example, London’s night bus service increased ridership by 15 percent after extending operations, providing essential services for night-shift workers and students.
A night-time image of a busy bus stop or train station with people boarding public transport in Accra and Kumasi.
Encouraging youth innovation
A 24-hour economy provides fertile ground for youth innovation. With businesses operating around the clock, young entrepreneurs can find new market niches and opportunities to launch ventures that cater for nighttime consumers. This environment encourages creativity and experimentation, leading to the development of innovative products and services.
For example, in Lagos, a tech start-up developed an app specifically for night-shift workers, offering services such as open restaurant listings, safe transport options, and late-night entertainment. The app saw a 50 percent user growth in its first year.
Enhancing the overall economy
At its core, a 24-hour economy has the potential to transition Ghana from a low-performing to a high-performing economy by driving economic growth and increasing GDP. Continuous business operations increase economic activity and generate more revenue, which can be reinvested into the economy. Moreover, the increased employment and improved service delivery contribute to higher living standards and consumer spending, creating a positive feedback loop that accelerates economic development.
For example, Tokyo’s 24-hour economy has contributed to a 5 percent annual GDP growth rate driven by continuous business activity and increased consumer spending.
Challenges and considerations
While the 24-hour economy presents numerous benefits, it is essential to address potential challenges such as increased energy consumption, security concerns, and the need for effective regulation to ensure fair labour practices. Policy-makers must develop strategies to mitigate these issues, such as incentivising energy-efficient practices, enhancing public safety measures, and ensuring compliance with labour laws to protect workers’ rights.
For example, implementing energy-efficient street lighting in Sydney reduced nighttime electricity consumption by 20 percent, balancing the energy demands of a 24-hour economy.
A night-time image of energy-efficient street lighting or a well-lit urban area, illustrating energy efficiency measures.
In conclusion, the 24-hour economy offers a transformative vision for Ghana’s future, with the potential to revitalise the private sector, create jobs, improve service delivery, revolutionise transportation, encourage youth innovation and boost overall economic performance. By embracing this policy, Ghana can position itself as a dynamic, high-performing economy, ready to meet the challenges and opportunities of the modern world. The key to success lies in effective implementation, stakeholder engagement and addressing the associated challenges to ensure a balanced and inclusive growth trajectory.
The writer is a Consultant
