By Enoch AKUFFU-DJOBI (PhD)
In an era where global competitiveness hinges on innovation and adaptability, the National Democratic Congress (NDC) government is proud to champion the transformative vision of a 24-hour economy for Ghana.
This bold initiative seeks to harness the untapped potential of a round-the-clock economic model, leveraging the country’s vibrant workforce, technological advancements, and entrepreneurial spirit.
By extending productive activities beyond traditional business hours, this policy aims to drive economic growth, create more jobs, and enhance Ghana’s position as a regional economic powerhouse.
Rooted in inclusivity, sustainability, and innovation, this policy underscores the NDC’s commitment to resetting the Ghanaian economy, and rebuild a resilient economy that works for all Ghanaians—day and night.
In fact, the concept of a 24-hour economy is no longer confined to a few global cities; it is rapidly becoming a hallmark of modern economic systems. While developed economies such as the United States, the United Kingdom, and Japan have embraced this model with remarkable success, the question remains: how can Ghana tap into the opportunities and address the challenges of a 24-hour economy?
The Rise of the 24-Hour Economy in Developed Nations
In developed economies, the 24-hour model has transformed urban landscapes. Cities like New York (dubbed “the city that never sleeps”) and London have leveraged this concept to drive economic growth and enhance their global competitiveness.
Technological advancements have been a major enabler of these systems, with innovations such as automated services, digital payments, and robust security systems ensuring seamless operations. Key industries benefiting from the 24-hour economy include:
Transport and Logistics: Continuous operations in airports, railways, and delivery services.
Hospitality and Tourism: Night-time events, restaurants, and cultural attractions boost tourism revenue.
Healthcare and Emergency Services: Round-the-clock services ensure public well-being.
Retail and E-Commerce: 24/7 shopping options cater to consumers’ flexible schedules.
Opportunities for Ghana
Embracing a 24-hour economy in Ghana could unlock significant opportunities such as the following:
- Job Creation: Expanding operations beyond traditional hours could create employment opportunities in sectors like retail, hospitality, and transport. For instance, extending operational hours for markets such as Makola and kejetia could engage more vendors and buyers.
- Economic Growth: Increased productivity and consumer spending during non-traditional hours could boost Ghana’s GDP. Night-time activities could spur investments in entertainment, tourism, and logistics.
- Global Competitiveness: By aligning with international markets operating in different time zones, Ghana could enhance its participation in global trade and attract foreign investments.
- Support for SMEs: Small and medium-sized enterprises (SMEs) could thrive in a 24-hour economy, especially in sectors like e-commerce and food delivery, which require continuous services to meet consumer demands.
Challenges to Address
Despite its potential, transitioning to a 24-hour economy poses challenges for Ghana:
Infrastructure: Reliable power supply, efficient public transportation, and robust digital infrastructure are prerequisites for a 24/7 economy. Ghana’s energy supply inconsistencies could hinder round-the-clock operations.
Security: Ensuring the safety of workers, businesses, and consumers during night hours is critical. Investment in street lighting, surveillance systems, and law enforcement is essential.
Cultural Shift: Adopting a 24-hour economy requires a cultural mindset shift. Currently, most businesses and institutions in Ghana operate within traditional hours, and changing this norm will take time.
Labor Rights and Well-being: Managing employee fatigue, ensuring fair wages, and protecting workers’ rights are critical to sustaining a 24-hour economy.
Key Lessons for Ghana
Ghana can draw valuable insights from developed economies to navigate its journey towards a 24-hour economy. These are:
Public-Private Partnerships: Collaborations between government and private entities can drive investment in infrastructure and security. For instance, partnerships in developed nations have supported the development of transport networks and urban safety.
Strategic Urban Planning: Cities like London have demonstrated the importance of designating specific zones for night-time activities. Accra and Kumasi could develop designated hubs for 24/7 commerce.
Technology as a Catalyst: Embracing digital payments, e-commerce platforms, and automation can reduce operational costs and enhance efficiency, as seen in developed nations.
Policy Support: Governments in developed economies have enacted policies to regulate and support the 24-hour economy. Ghana could adopt similar measures to encourage businesses to extend their operations.
Conclusion
The 24-hour economy presents an opportunity for Ghana to foster economic growth, create jobs, and enhance its global competitiveness. While challenges such as infrastructure and security remain, lessons from developed economies provide a roadmap for implementation.
By investing in technology, fostering partnerships, and enacting supportive policies, Ghana can lay the foundation for a thriving 24-hour economy, making its cities more dynamic, inclusive, and prosperous.
Enoch is a Chartered Accountant / Certified Banker with a deep passion for accounting, banking, and governance. His expertise spans both education and practice reflecting a commitment to research and knowledge sharing. He can be reached via [email protected]). Contact: +233244201383.
