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An academic Frederick Otu Larbi has argued that the proposal by the National Democratic Congress (NDC) to make Ghana’s economy a 24-hour economy will be counterproductive if the policy is forced on the economy rather than allow the economy to become a 24-hour one on its own.
For him, a 24-hour economy ought to happen naturally or organically due to increased economic activity and not be a policy imposition.
He explained that when a company, for instance, is compelled to implement a 24-hour operation without commensurate productivity, the company may be saddled with additional operation costs at its peril.
“A 24-hour Economy should happen organically from economic activities and not as a ‘project’ to be implemented.
If I own a factory and demand for my products increases, I’ll have little choice but to increase production which may demand day and night shifts. Some factories in Ghana already do this on a seasonal basis. This is organic.
On the other hand, a company may incur additional costs without an accompanying productivity increase if it is forced to remain open as Mahama is promising. For instance, you can ask malls to remain open 24hrs but you cannot force people to shop all day and night. The shops will pay additional staff and utility bills for dwindling numbers of customers,” he wrote.
For Dr Otu-Larbi, the 24-hour economy is only good on paper but not feasible in reality. He urged the Government to concern itself with creating an enabling environment for businesses to thrive rather than seek to impose a 24-hour policy on them.
“This policy sounds good on paper but in reality it’s not different from phantom ideas like 1V1D and agenda 111.
The government should just do its job of ensuring an enabling environment and economic activities will respond accordingly.
As I’ve said, Ghanaians will be choosing between a rock and a hard place in 2024,” he concluded.
The NDC has proposed a 24-hour economy to stimulate economic growth and increase employment, especially for the youth. While many have praised the policy proposal, others have said that it cannot be a policy if the economy has not grown to that level.
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