My 24-hour economic policy will accelerate economic growth – Mahama

Presidential candidate of the National Democratic Congress (NDC), John Dramani Mahama, has emphasized that the 24-hour economy policy is an initiative that will work.

He argued that the policy will increase the production and distribution of goods and services and accelerate economic growth.

This was in response to several criticisms that have been levelled at the policy.

In his first media engagement to explain his vision for Ghana ahead of the December presidential and parliamentary elections, he stated, "So first, think of the 24-hour economy as an accelerator—the best accelerator or catalyst we could possibly have. A 24-hour economy will increase the production and distribution of goods and services and accelerate the economic exchanges between people and companies. With that, we will start growing at an unprecedented pace while providing decent jobs for the youth.

"I have said that leadership is about vision, and I stand by it. But leadership is also about caring, about giving people genuine, solid hope. This is what a 24-hour economy really is about," he said.

He continued, "Let me explain. The 24-hour economy is a solid way to replace imports with homegrown production of goods and thus create a solid base for a vibrant Ghanaian industry. In many instances, we don't import goods because they're better than ours; we import them because nobody produces them here, in Ghana, in the first place, or because the local production is insufficient.

"The stimulus package for companies wanting to participate in the 24-hour economy will convince businesses, and I am sure of it, to start producing import substitutes. Do you know why? Because the market for such products already exists. Through the 24-hour economy, businesses will be incentivized to start producing for this market. It's the simplest way to start growing sustainably.

Mr. Mahama added, "And when this begins to happen, imagine the number of new jobs that will be created! And here's another thing about the 24-hour economy: it will boost exports. Many Ghanaian companies will start looking for foreign partners to develop their businesses to take advantage of the new opportunities available to them via a 24-hour economy.

Thanks to the African Continental Free Trade Area, these partnerships will open new foreign markets to Ghanaian companies. Goods produced in Ghana will then be exported to other parts of the continent, India, Europe, or North America, using the connections of foreign partners.

"As I have said before, I will personally chair an Accelerated Exports Development Programme that will identify and promote exports in the manufacturing, agricultural products, textiles, fruits and beverages, pharmaceuticals, and extractive sectors.

It is important to understand that the 24-hour economy will generate a network of foreign markets for Ghanaian entrepreneurs and will transform Ghana into an export-led economy. So, I say that the 24-hour economy is also about national pride. It is about creating jobs through enhanced productivity, connecting Ghana with the wider world, and making Ghanaians proud of what they can accomplish here.

"Once the 24-hour economy is set in motion, the rhythm of growth will start to accelerate exponentially. And Ghana will be open for business 24 hours. My 24-hour Economy initiative will anchor my determination to change the structure of the Ghanaian economy through the active support of private sector-led growth.

He also explained that the 24-hour economy initiative is a well-thought-through, data-driven, evidence-based, and comprehensive policy to expand critical and strategic segments of our economy.