Prof. Isaac Boadi, the dean of the Faculty of Accounting and Finance at the University of Professional Studies, Accra, claims that the government’s 24-Hour Economy initiative has the potential to greatly increase Ghana’s productivity and draw investment, but only if it is implemented correctly.
Prof Boadi referred to President John Dramani Mahama’s signature of the 24-Hour Economy Authority Bill on Thursday as “symbolically powerful” during a February 20 appearance on JoyNews’ AM Show. The action, according to him, sends a clear message to investors outside of Ghana’s borders that the nation is committed to generating possibilities and growing its economy.
“Yesterday’s signing saw an investor signalling. Those investors who heard this yesterday will now be getting ready for what is going to happen in this nation outside our borders,” he stated. The policy focuses on industries like manufacturing, agribusiness, agro-processing, healthcare, retail, transportation, and hospitality, according to Prof. Boadi. These industries, he said, are highly reliant on time-sensitive operations, where ongoing activity and efficiency are essential.
He claims that Ghana is now functioning below its productive capacity, with several businesses and services shutting early or running at less than full capacity. He claimed that programmes like the 24-hour economy are crucial for increasing productivity, generating jobs, and tackling youth unemployment. But he warned that legislation alone would not result in genuine economic change.
“Legislation alone does not bring about economic change. Incentives, infrastructure, and institutions are the foundation of its production,” he emphasised. He cautioned that even well-meaning programmes might fail without adequate planning, funding, and implementation.
Prof. Boadi also expressed worry about funding, stating that the government has stated it would need $4 billion over the next five years to carry out the plan. “You want to create a programme. He emphasised that financial preparedness is essential for turning policy into concrete outcomes, asking, “Do you have the money now?”
The scholar also noticed that the 24-hour economy’s original concept seems to have changed. He stated that it was first promoted as government-driven, but that it now appears to depend more on private sector involvement, with the government offering a forum for enterprises to address gaps. He warned that these changes might sow doubt and erode trust in the policy.
Claims that some public schools are now functioning on a 24-hour schedule were also refuted by Prof. Boadi, who said that these are just regular shift systems as opposed to complete policy implementation.
“Under what law does the DVLA or the passport office claim to be running a 24-hour economy?” he questioned, emphasizing that real-world factors like pricing and personnel for nighttime operations need to be explicitly stated. Prof. Boadi stated that he would support the move even if he had misgivings if it helps increase productivity and address youth unemployment.
“I would be happy if this materialises any day,” he stated, urging the government to concentrate on execution and go beyond platitudes like “Grow 24”, “Make 24”, and “Build 24”.
He repeated that, in order for the 24-hour economy to have a genuine impact, laws must be supported by incentives, infrastructure investments, and robust institutions that promote long-term viability.
Source: myjoyonline.com