The Director of the Institute of Statistical, Social and Economic Research (ISSER), Prof. Peter Quartey, has called for the integration of the proposed 24-hour economy initiative into Ghana’s long-term development plan.
The economic expert explained that, although it is a good initiative, the country may not be able to achieve anything significant with it in the short term. He stated that implementing a 24-hour economy initiative requires a solid foundation of essential infrastructure, including reliable energy (power) and robust security measures.
Unfortunately, he noted that these critical components are currently lacking, necessitating significant investment of time and resources to develop them.
Demand
He made these remarks at the launch of the State of the Ghanaian Economy Report (SGER) 2023 and a review of the third-quarter 2024 economic performance in Accra on Tuesday, October 29.
The ISSER director stated that there is no demand for factories in the country to increase capacity by 100 percent as part of the 24-hour economy initiative.
“The 24-hour economy is a good thing, but unfortunately, we may not be able to achieve anything with it. If all the factories were to produce 24 hours or increase their demand by 50 percent or 100 percent, is there demand for the product?
“So, I think, in my view, not to discourage anybody’s political ambition, but to say that this is a medium- to long-term policy. I do not think it can really kick in. We cannot achieve much with this 24-hour thing. It is a good idea, but we need to put in some structures,” he said.
Manifestos
Prof. Quartey stated that political parties are focused on developing short-term measures in their manifestos instead of creating a long-term plan to guide the country’s development.
“These days, we are fond of manifestos and short-term strategies. We do not have a development plan. So, everyone comes in wanting to change this or that in an experimental manner.
“We need a long-term development plan, and then all of these things can fit in nicely,” he added.
24-hour economy
The 24-hour economy initiative is a flagship campaign promise of the opposition National Democratic Congress (NDC) in the run-up to the 2024 general elections.
According to the NDC, the initiative seeks to unlock the country’s full potential.
A 24-hour economy is a system where businesses and services operate beyond traditional daytime hours, making them available in the evenings, nighttime, and early morning.
This allows for increased flexibility in accessing goods and services and creates more job opportunities, especially for individuals who prefer or are available to work during non-traditional hours.
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