Mahama touts 24-hour economy as a game changer

The presidential candidate of the National Democratic Congress (NDC), John Dramani Mahama, has reiterated that his 24-hour economy is a game changer.

The former president maintained that the policy if implemented, would help revitalise the ailing economy.

According to him, it will further help in maximising productivity and efficiency and ultimately creating a dynamic and vibrant economy to benefit both workers and businesses.

He made the remarks in his New Year message to Ghanaians on Wednesday, January 3, 2024.

Mahama said businesses that sign up will benefit from a reduction in the cost of electricity tariffs.

He said the government will also grant tax relief for businesses that decide to operate a 24-hour economic system.

“The 24-hour economy will succeed because we shall provide improved security and public safety which will require massive recruitment into the security services and private security operations...My government will provide cheaper and more reliable electricity for those participating businesses based on a time-of-used tariffs system."

“Companies that sign up for the 24-hour economy will benefit from modern smart meters calibrated to charge a lesser tariff per kilowatt hour for power that is consumed during off-peak hours."

“Businesses that subscribe to the 24-hour economy policy will receive further tax incentives to reduce the cost of the operations and enhance their competitiveness,” he said.

Meanwhile, he has also promised to establish and personally chair what he termed as an Accelerated Export Development Council.

This council aims to boost the country’s export drive by leveraging the ECOWAS Trade Liberation Scheme and the African Continental Free Trade Agreement.

The 24-hour economy is a game-changer, adding that evidence suggests that these were the practices of great nations, including the United Kingdom, the United States, and South Korea, he argued.

“Indeed South Korea is living proof that with the right leadership, the country can transform from underdeveloped to highly developed.”

He said in the 1960s, leaders of the Asian country introduced a 24-hour economy, which boosted an export-led economy and subsequently led to their development.

“Introducing the Mahama 24-hour economy is the right thing to do for Ghana especially considering the State of our country today.

“It will boost our manufacturing industry and transform our country into an export-led economy providing the world with goods made in Ghana,” he added.