By Sandra Agyeiwaa OTOO
“In the coming months, we will embark on a purposeful, enthusiastic and enterprising journey to reset the Ghanaian economy for growth and jobs. My administration is committed to implementing our 24-hour economy policy – expanding job opportunities and transforming Ghana into an export-driven economy.
“Together, we will create an environment that fosters entrepreneurship, innovation and sustainable development, ensuring that our youth can achieve their dreams right here at home,” said President John Dramani Mahama.
This statement was contained in the 2025 new-year message from President Mahama dated 2025-01-01, as part of his party’s efforts to transform the Ghanaian economy by increasing enterprise and labour productivity in twelve priority sector – thereby creating jobs to tackle significant unemployment challenges.
The ’24-hour economy’ refers to an economic system wherein businesses, services and industries operate continuously, beyond conventional working hours. This model is driven by technological advancements, changing consumer preferences, urbanissation and globalisation.
For small and medium enterprises (SMEs), embracing the 24-hour economy presents a unique opportunity to expand their customer base, increase revenue and enhance competitiveness.
The 24-hour economy is characteried by uninterrupted business activities, flexible work schedules and around-the-clock consumer demand. It spans various industries, including retail, hospitality, logistics, healthcare and e-commerce.
The increasing reliance on digital services, on-demand deliveries and global trade means businesses must rethink their operational strategies. SMEs that fail to adapt risk losing customers to competitors who offer convenience and accessibility at any time of the day.
SMEs can increase revenue by extending their operational hours or offering services online; they can cater to customers at different times, leading to higher sales. Restaurants, retail stores and delivery services, for example, can see a rise in demand from night-shift workers and international customers in different time zones.
Secondly, adapting to a 24-hour economy allows SMEs to stay ahead of competitors who still operate within traditional business hours. Offering late-night or 24/7 services can be a unique selling proposition that attracts more customers.
Also, a 24-hour economy fosters employment opportunities, as businesses will require more workers for night-shifts and extended services. This can contribute to economic growth and reduce unemployment rates, especially in urban areas.
Consumers are becoming more accustomed to accessing goods and services at their convenience. Businesses that provide 24-hour support, e-commerce platforms and on-demand services enhance customer satisfaction and loyalty.
The digital economy also allows SMEs to reach customers beyond their geographical location. An online business that operates 24/7 can serve customers across different time zones, maximising its market potential.
One of the easiest ways for SMEs to operate 24/7 is by adopting e-commerce. Having a functional website, social media presence and digital payment system ensures that customers can make purchases at any time.
One can set up an online store with automated order processing, use AI chatbots and virtual assistants to handle customer inquiries and offer digital payment options such as mobile money, credit cards and cryptocurrency.
Automations such as chatbots for customer inquiries, automated email marketing and order confirmations, AI-driven inventory management and demand forecasting can help SMEs manage round-the-clock operations without significantly increasing labour costs. AI-driven tools can handle tasks like customer service, order fulfillment and data analysis.
SMEs in the retail and food industries can benefit from offering 24-hour delivery services. Partnering with logistics companies or hiring dedicated delivery personnel can ensure that products reach customers at any time.
They can, alongside, collaborate with local delivery services like Glovo, Jumia and Bolt Food; Invest in fleet management technology for real-time tracking; and offer subscription-based delivery for regular customers.
Social media is a powerful tool for engaging customers around the clock. SMEs should maintain an active online presence and use targetted advertising to reach potential customers at different times.
Some effective digital marketing strategies include scheduling posts and ads to run throughout the day and night, using data analytics to understand peak engagement times and engaging with customers through live chats, comments and messages.
A 24-hour economy requires businesses to rethink their workforce strategy. Offering flexible shifts, remote work and part-time positions can help manage extended hours effectively.
SMEs can Introduce rotational shifts to ensure employees work in manageable time slots. They can also hire freelancers or contract workers for specific roles and use workforce management software to track employee schedules and productivity.
Business owners must be aware that operating a 24-hour digital business comes with cybersecurity risks. SMEs must invest in secure payment systems, data encryption and fraud detection to protect their customers and business data.
Best practices include the use two-factor authentication for online transactions, regularly updating software and security patches and training employees on cybersecurity awareness.
Collaborating with other businesses can enhance service delivery and efficiency. SMEs can partner with logistics companies, IT firms and digital marketing agencies to optimise their 24-hour operations.
Strategic partnerships include retailers partnering with fintech companies for seamless payments, hotels collaborating with ride-hailing services for guest transportation and restaurants teaming up with food delivery platforms for late-night orders.
SMEs must ensure compliance with labuor laws, tax regulations and business permits before extending their operations. In some regions, running a business 24/7 may require special licences or adherence to specific labour laws.
They must check local labour laws on night-shifts and overtime pay while ensuring health and safety measures are in place for employees. They must also acquire necessary permits for extended operating hours.
While the benefits of a 24-hour economy are significant, SMEs may face challenges such as high operational costs. Running a 24-hour business may increase utility bills, wages and maintenance expenses.
Businesses that operate late at night may face higher security concerns, especially in areas with crime risks.
Managing a 24-hour workforce requires proper scheduling to prevent burnout and ensure productivity.
Not all markets may have sufficient demand for 24-hour services, making it crucial for SMEs to conduct market research before making the transition.
The shift toward a 24-hour economy presents immense opportunities for SMEs willing to innovate and adapt. By leveraging digital transformation, automation, flexible workforce strategies and strategic partnerships, SMEs can expand their market reach, increase revenue and enhance customer satisfaction.
However, success in a 24-hour economy requires careful planning, investment in technology and adherence to legal regulations. SMEs that embrace these changes early will position themselves as industry leaders, ready to meet the growing demands of modern consumers.
