By Korsi DZOKOTO
In an era where global competition is intensifying and economies are racing to leverage every possible advantage, Ghana’s shift towards a 24-hour economy in the trade sector represents a significant step forward.
This strategic move is designed to enhance trade operations, increase global competitiveness, generate employment, reduce food inflation, and capitalize on export opportunities under the African Continental Free Trade Area (AfCFTA).
Objectives
The primary objectives of implementing a 24-hour economy in Ghana’s trade sector are multifaceted. First, it aims to enhance trade operations by ensuring round-the-clock activities that will drive economic growth. This continuous operation is expected to position Ghana as a competitive hub for international trade, thereby increasing global competitiveness.
Moreover, the 24-hour trade sector will be a significant engine for job creation, offering new employment opportunities in various industries. Another critical objective is to reduce food inflation by streamlining supply chains and ensuring markets operate efficiently. Finally, this initiative seeks to boost export opportunities by leveraging AfCFTA, making Ghana a leading exporter in the region.
Key Components
Infrastructure and Logistics:
A 24-hour economy in trade necessitates robust infrastructure and logistics. Key measures include implementing 24-hour port operations to speed up the import and export processes and developing 24-hour warehousing facilities for efficient goods storage and distribution.
Additionally, there is a need for logistics support to provide seamless, round-the-clock transportation services that can meet the demands of continuous trade operations.
Market Operations:
To accommodate the growing demand and improve accessibility, extended market hours will be encouraged across the nation, allowing markets and trading hubs to operate around the clock. Wholesale and retail markets will also transition to 24-hour operations, ensuring a steady flow of goods. In parallel, there will be a push to promote 24/7 online trading platforms, making e-commerce more accessible and convenient for both consumers and businesses.
Local trade and markets
Linking local markets from farming areas to major markets in cities and urban centres is essential for enhancing the efficiency of trade and ensuring the steady flow of goods.
This can be achieved by developing a well-coordinated transportation network that includes reliable and safe roadways, railways, and, where feasible, waterways. Establishing logistics hubs at strategic locations can serve as collection and distribution points, facilitating the smooth transfer of goods.
Additionally, implementing real-time tracking systems for vehicles and goods can ensure safety during transit, reducing the risk of loss or spoilage. Collaborating with transportation companies to offer specialized services for agricultural products, such as refrigerated trucks, can maintain the quality of perishable items. Government support in the form of infrastructure investments and regulatory frameworks that prioritize the safety and efficiency of goods movement will be crucial.
Finally, creating public-private partnerships can help in maintaining roads, ensuring security, and providing training for drivers and logistics personnel, ultimately ensuring that goods are moved swiftly and safely from farms to urban markets.
Financial Services:
For the trade sector to function effectively around the clock, financial institutions must provide 24-hour banking services, including online and mobile banking solutions. Additionally, continuous access to trade financing and credit facilities will be essential to support traders throughout the day and night.
Regulatory and Policy Support:
Successful implementation of a 24-hour economy will require supportive policies, including extended working hours and flexible regulations that facilitate continuous operations. Furthermore, the government will need to introduce tax incentives for businesses adopting 24-hour operations to encourage widespread participation.
Technology and Innovation:
To manage the complexities of 24-hour trade, the development and enhancement of digital platforms for efficient trade transactions and communication are imperative. Furthermore, smart systems will be implemented for real-time tracking and monitoring of goods and trade activities, ensuring transparency and efficiency.
Implementation Plan
Infrastructure Development:
The first step involves investing in port upgrades to support 24-hour operations, including enhanced lighting, security, and modern equipment. There will also be a focus on expanding warehousing facilities to handle the increased demand for continuous operations. Strengthening logistics networks is another priority to ensure seamless transportation and distribution of goods.
Workforce Management:
A 24-hour economy will require the introduction of shift work schedules to maintain continuous trade operations. Workers will undergo training programs to adapt to this new system and enhance their productivity. Additionally, incentives will be provided to employees working night shifts and extended hours, ensuring they are adequately compensated for their efforts.
Policy and Regulatory Framework:
Developing and implementing trade policies that support 24-hour operations will be crucial. This includes streamlining customs procedures to facilitate faster clearance and movement of goods. Adhering to safety standards will also be a priority to protect workers and goods during extended hours.
Stakeholder Engagement:
Collaboration between government, private sector, and development partners through public-private partnerships will be key to the success of this initiative. Community involvement will be encouraged to ensure that local needs are met, and industry associations will be engaged to promote best practices and advocate for supportive policies.
Linking to Relevant Sectors
Agriculture and Agro-Processing:
The 24-hour economy will significantly improve supply chain efficiency for agricultural products, reducing food inflation and waste. Continuous trading opportunities will also enhance market access for farmers and agro-processors.
Manufacturing and Industry:
Continuous trade operations will ensure a steady supply of raw materials for industries, boosting production capabilities. Additionally, 24-hour port and logistics operations will facilitate increased export opportunities for manufactured goods.
Transportation:
The logistics sector will be strengthened to support seamless transportation of goods, while improved connectivity between ports, markets, and manufacturing hubs will enable continuous trade activities.
Services Sector:
Round-the-clock operations will require 24-hour financial services, including banking and trade financing. Additionally, support services such as security, healthcare, and customer service will be essential to ensure the smooth functioning of the trade sector.
Leveraging AfCFTA for Export
The 24-hour economy will position Ghana to take full advantage of AfCFTA, enhancing its export capabilities. Export readiness programs will provide training and support to local industries, while trade facilitation measures will simplify procedures and reduce barriers.
Market intelligence will be gathered through research to identify demand for Ghanaian products in African markets, and financial support will be provided to help businesses scale up their export operations.
Estimated Jobs Created
The shift to a 24-hour economy in the trade sector is expected to create numerous jobs. In the retail sector, positions such as cashiers, stock clerks, and customer service representatives will be in demand. The logistics and supply chain sector will see increased opportunities for truck drivers, warehouse staff, and distribution managers.
Market operations will require additional market coordinators, security personnel, and cleaning and maintenance staff. Economic growth spurred by this initiative will also create jobs in trade management, export and import sectors, and support services.
In conclusion, the transition to a 24-hour economy in Ghana’s trade sector represents a bold and transformative move that will not only boost economic growth but also create significant job opportunities and position Ghana as a leader in regional trade.
By enhancing infrastructure, supporting continuous operations, and fostering collaboration across sectors, Ghana can unlock its full economic potential and achieve sustainable development.
